Bitcoin extended its rebound on Friday, rising above $111,000 as easing trade tensions between the U.S. and China lifted risk appetite ahead of key inflation data. The world’s largest cryptocurrency was last up 2% at $111,410 by 02:58 ET (06:58 GMT), setting course for a 3% weekly gain after two consecutive weeks of losses.
Markets reacted positively to the White House confirmation that President Donald Trump will meet Chinese counterpart Xi Jinping next week on the sidelines of the APEC summit in South Korea. The announcement helped cool recent volatility triggered by renewed tariff threats and export restrictions.
The potential thaw follows working-level negotiations in Malaysia between U.S. Treasury Secretary Scott Bessent, Trade Representative Jamieson Greer, and China’s Vice Premier He Lifeng, focused on averting a fresh round of tariffs — including Washington’s proposed 100% levy on Chinese imports — and addressing Beijing’s rare-earth export curbs.
Bitcoin’s rise mirrored a broader uptick in global equities and commodities, reflecting investors’ shifting mood from defensive positioning to renewed risk appetite.
CPI Data in Focus After Shutdown Delays
Investors now turn to the U.S. Consumer Price Index (CPI) report for September, scheduled for release later in the day after being delayed by the recent government shutdown.
The inflation print will offer critical clues about whether the Federal Reserve will justify a 25-basis-point rate cut at its upcoming policy meeting — and whether additional easing could follow in December.
“If inflation holds near 3%, the Fed can comfortably signal another cut,” said Francesco Pesole, an ING analyst. “Markets are already pricing in up to 50 bps by year-end.”
A softer-than-expected CPI figure could further weaken the dollar, providing an additional tailwind for non-yielding assets like Bitcoin and gold.
Altcoins Rally; Trump Pardons CZ Zhao
Adding to the crypto buzz, President Donald Trump issued a full pardon to Binance founder Changpeng Zhao (CZ), who had served four months in prison for failing to maintain proper anti-money-laundering protocols. Binance previously paid $4.3 billion in penalties under the 2023 settlement.
In a statement on X, Zhao expressed gratitude for the pardon, pledging to help “make America the Capital of Crypto.”
Broader crypto markets followed Bitcoin higher:
- Ethereum (ETH) rose 2.4% to $3,978.
- XRP added 1.1% to $2.44.
- Solana advanced 3.2%, Cardano gained 1.6%, while Polygon slipped 3.5%.
- Dogecoin and $TRUMP each climbed around 2%.
The combined boost from trade optimism, easing inflation expectations, and renewed policy clarity helped push total crypto market capitalization back above $4 trillion, underscoring investor confidence as 2025 heads into its final quarter.