Bitcoin price today: climbs to $111k amid easing trade jitters, cooling inflation

Investing.com-- Bitcoin rose on Friday, climbing near $111,000 and heading for weekly gains, as confirmation that U.S. President Donald Trump will meet Chinese counterpart Xi Jinping next week eased trade war fears, and investors welcomed softer-than-expected inflation data. 

The world’s largest cryptocurrency climbed 1.1% to $110,880 as of 10:01 ET (14:01 GMT).

Bitcoin was set for a 2% 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.

Inflation eases to 3% in September, keeping Fed on track for rate cut

Adding to the positive sentiment, U.S. consumer prices rose less than expected in September, offering a rare look at the economy during the ongoing government shutdown.

The Bureau of Labor Statistics said Friday that the consumer price index increased 0.3% from the prior month, putting annual inflation at 3%. Economists had expected 0.4% and 3.1%, respectively.

Core CPI, which excludes food and energy, rose 0.2% on the month and 3% year-on-year, both below forecasts and unchanged from August’s annual pace.

The data showed only limited effects so far from President Donald Trump’s new tariffs, which have yet to fully filter through the economy.

The CPI report was released despite the shutdown because it is used to calculate Social Security cost-of-living adjustments. Most other federal data releases remain suspended until the fiscal impasse is resolved in Washington.

The figures mark the last key economic reading before the Federal Reserve meets next week.

With inflation still above its 2% target, markets broadly expect the Fed to cut interest rates by a quarter point to a range of 3.75%-4%. A further move in December remains possible, though the outlook beyond that is uncertain.

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, XRP up 4%

Most altcoins also saw gains on Friday, but remained rangebound amid broader caution.

World no.2 crypto Ethereum rose 2.2% to $3,934.62.

World no. 3 crypto XRP gained over 4% to $2.50.

Solana advanced nearly 1% and Cardano gained 1.7%, while Polygon added 1.5%. 

Among meme tokens, both Dogecoin and $TRUMP rose over 1% each.

(Ayushman Ojha contributed to this report.)