Bitcoin, XRP Jump on Trump-China Trade Hope. Inflation Data Matter More for Cryptos.

Bitcoin has climbed close to 20% this year, despite a sharp drop in recent weeks. (Getty Images)

Key Points

• Cryptocurrencies, including Bitcoin and XRP, rose Friday due to positive developments in U.S.-China trade relations.
• Bitcoin traded at $111,209, up 1.5% in 24 hours, and has gained 19% in 2025 despite a recent drop from its record.
• Investors await September’s consumer price index data, which is crucial for the Federal Reserve’s upcoming interest-rate decisions.

The price of Bitcoin, XRP, and other cryptocurrencies jumped Friday as trade developments between the U.S. and China supported risky assets. Investors will be closely watching inflation data later in the day.

President Donald Trump and China’s leader Xi Jinping are expected to meet next week in South Korea, boosting the chances of an agreement between the world’s two largest economies. The meeting was confirmed by the White House Thursday.

The positive trade news appeared to help cryptocurrencies, as well as riskier assets such as technology stocks. The tech-heavy Nasdaq Composite jumped 0.9% and futures tied to the index pointed higher again Friday.

In another positive development for digital assets, JPMorgan plans to allow institutional clients to use Bitcoin and Ethereum as collateral for loans by the end of the year, Bloomberg reported Friday. JPMorgan declined to comment.

Bitcoin , the world’s largest cryptocurrency, was trading at $111,322 early in the day—up around 1.9% over the past 24 hours, according to CoinDesk data. It hit lows of around $107,200 at one point late Tuesday. Despite a sharp recent drop from its record above $126,000—reached earlier this month—Bitcoin is still up 19% in 2025.

It’s a similar story for the second biggest crypto, Ethereum , which was up 2.6% to $3,965 Friday. The digital asset has jumped 17% this year even after a 6% slump so far in October. Popular altcoin XRP rose 2.5% to $2.46 and is up 18% for the year.

September’s delayed consumer price index reading will finally be released Friday—key official data for the Federal Reserve ahead of its next interest-rate decisions next week.

A rate cut is expected in October but inflation data could be crucial in determining whether another one follows in December. Some officials have cited elevated inflation as a reason to be more cautious on cutting rates.

Cryptocurrencies and other risky assets tend to be boosted by rate cuts as lower borrowing costs make them more attractive relative to lower yielding-investments, such as bonds.

Write to Callum Keown at callum.keown@dowjones.com