Intel surges more than 8% after chipmaker’s profits top expectations
Investing.com-- Bitcoin rose above $111,000 on Friday, heading for weekly gains, as confirmation that U.S. President Donald Trump will meet Chinese counterpart Xi Jinping next week eased trade war fears, while investors awaited key inflation data due later in the day.
The world’s largest cryptocurrency climbed about 2% to $111,410.9 as of 02:58 ET (06:58 GMT).
Bitcoin was set for a 3% weekly rise after sharp declines in the previous two weeks.
Bitcoin gains as Trump set to meet Xi next week
Bitcoin recovered from early-week lows as traders welcomed signs of a thaw between Washington and Beijing. The White House on Thursday confirmed the upcoming Trump-Xi meeting, set to take place on the sidelines of the APEC summit in South Korea.
The announcement follows weeks of tariff threats and retaliatory rhetoric that had unsettled financial markets.
News of the high-level engagement came alongside ongoing trade discussions in Malaysia, where U.S. Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer are meeting Chinese Vice Premier He Lifeng to defuse tensions ahead of the leaders’ talks.
The negotiations are aimed at preventing a new round of tariffs, including Washington’s proposed 100% levy on Chinese imports, and at addressing Beijing’s recent export curbs on rare earth minerals.
The easing of trade war fears boosted risk appetite across markets, lifting not just equities but also cryptocurrencies, which have increasingly traded in tandem with broader investor sentiment.
Investors are also awaiting U.S. consumer price index (CPI) data for September, due later in the day after a delay caused by the recent government shutdown.
The inflation print is expected to offer fresh clues on whether price pressures are cooling enough to justify a rate cut by the Federal Reserve at its policy meeting next week.
Trump pardons Binance founder ’CZ’ Zhao
President Donald Trump has issued a full pardon to Changpeng Zhao, the founder of the cryptocurrency exchange Binance and a convicted felon.
White House press secretary Karoline Leavitt confirmed the move on Thursday.
Zhao, a billionaire known as "CZ," pleaded guilty in late 2023 to one count of failing to maintain an anti-money laundering program and served four months in prison following a settlement in which Binance paid a US$4.3 billion penalty.
In a post on social-media platform X, Zhao said he was “deeply grateful” for the pardon and committed to helping “make America the Capital of Crypto”.
Crypto price today: most altcoins gain; Polygon slips
Most altcoins also saw gains on Friday, but remained rangebound amid broader caution.
World no.2 crypto Ethereum rose 2.4% to $3,978.55.
World no. 3 crypto XRP gained 1.1% to $2.44.
Solana advanced 3.2% and Cardano gained 1.6%, while Polygon fell 3.5% bucking the trend.