Bitcoin price today: muted at $109.6k after sharp rise; US, China near trade deal

Investing.com-- Bitcoin was largely muted on Wednesday after sharp gains in the previous session, as investors parsed a newly announced trade framework between the U.S. and China and awaited further clarity on the deal’s specifics.

The world’s largest cryptocurrency was unchanged at $109,559.20 as of 02:08 ET (06:08 GMT).

The token surged on Tuesday as hopes of a trade deal between the world’s two largest economies boosted risk appetite.

Bitcoin hovered slightly below a record high of $112,000, touched last month amid optimism around increased legislative support and institutional adoption. 

Traders await details on proposed US-China deal

U.S. and Chinese officials agreed on Tuesday on a broad framework deal, aiming to revive the Geneva tariff truce by lifting China’s rare earth export restrictions and easing U.S. export controls on semiconductors and related technologies. 

U.S. Commerce Secretary Howard Lutnick described the issue of rare earths and magnets as “resolved” under the plan, saying the framework adds “meat on the bones” of previous Geneva agreements.

Crypto markets were supported below record peaks as markets awaited concrete details of the agreement. The proposed deal is yet to be approved by the respective presidents, Donald Trump and Xi Jinping.

Investors also have their eyes on the U.S. consumer price index (CPI) report, due later in the day.

A cooler-than-expected print could bolster expectations of a Federal Reserve rate cut this year, further benefitting risk assets like Bitcoin. 

The follow‑up details on the U.S.–China trade framework are poised to likely shape whether the recent rally proves sustainable or fizzles into consolidation.

Crypto price today: Most altcoins rise on broader optimism

Most altcoins rose on Tuesday amid broader optimism around the proposed deal between the world’s two largest economies.

World no.2 crypto Ethereum jumped 4.6% to $2,783.94.

World no. 3 crypto XRP edged up 0.6% to $2.2923.

Solana climbed 4.7%, while Cardano rose 3%, and Polygon gained 4.5%.

Among meme tokens, Dogecoin rose 3.5%, while $TRUMP added 2.2%.