Bitcoin tops $111,000 after Trump hails “remarkable” meeting with Xi

Bitcoin briefly hit $111,300 as Trump hails Xi meeting; market tone remains fragile.

On October 30, the price of the first cryptocurrency briefly recovered to $111,300 amid hints of a thaw in relations between China and the United States.

At the time of writing, the digital gold had eased to about ~$110,200.

After meeting China’s president Xi Jinping in South Korea, US president Donald Trump announced plans to reduce tariffs on Chinese goods, AP News reported, citing his remarks.

“I think, on a scale from zero to ten, where ten is the best, I’d say the meeting was a 12,” Trump said, also noting that a trade deal with China could be reached “very soon.”

Earlier, his statements about imposing 100% tariffs on Chinese imports from November 1 triggered the largest cascade of liquidations in the crypto market.

Ethereum also showed positive momentum. The leading altcoin briefly rose to $4000 before slipping to about ~$3900.

The broader crypto market remains in the red. The Fear and Greed Index stands at 34, indicating investor uncertainty.

Uncertainty lingers

Analysts say macroeconomic prospects remain murky, keeping the risk of elevated volatility.

“We have so far only heard statements from Trump; China has not confirmed anything. […] Uncertainty is still present,” noted Derek Lim of Caladan in a comment to The Block.

The expert also pointed to unexpected remarks during the FOMC meeting — some spoke against easing by the Fed. Chair Jerome Powell likewise voiced uncertainty about further interest-rate cuts.

Lim saw no clear catalysts for a market upswing. In his view, possible drivers are already priced into bitcoin.

Analyst Axel Adler Jr believes the Fed’s next steps will depend on US employment and inflation data. He stressed that “significant changes in these indicators in the coming months are unlikely.” He still expects a rate cut in December.

The Fed’s next moves will depend on incoming employment and inflation data. Significant changes in these indicators over the next two months are unlikely, so I still expect a rate cut in December despite the current rhetoric.

However, since the market trades on expectations and… pic.twitter.com/te4THD5l7H

— Axel 💎🙌 Adler Jr (@AxelAdlerJr) October 30, 2025

“Given that the market trades on expectations and Fed rhetoric, one should prepare for elevated volatility,” he warned.

Earlier, Adler Jr suggested a new rally in the first cryptocurrency after the US Fed meeting.

Additional uncertainty was stirred by the actions of an early bitcoin investor known as Owen Gunden. According to Lookonchain, over the past few days the whale transferred 2,587 BTC (~$290 million) to the Kraken exchange.

Owen Gunden, a #Bitcoin OG who holds over 10,000 $BTC, has been aggressively dumping $BTC recently!

In less than 10 days, he’s deposited 2,587.6 $BTC($290M) to #Kraken.https://t.co/Fx6wtq0Whmhttps://t.co/TOWQgX2CS3 pic.twitter.com/jUtqSepzwM

— Lookonchain (@lookonchain) October 30, 2025

Users suggested the player is preparing to sell assets to lock in profits.

“Dude seems to have realised Halloween is near, so he decided the market needed a matching horror costume,” commented one user.

A positive signal

In October, bitcoin spot trading volume on major exchanges exceeded $300 billion, reaching a record. The observation was made by a CryptoQuant contributor known as Darkfost.

🗞️ October stands out as one of the strongest months of the year for BTC spot volume.

“This October has seen a renewed surge of interest in the spot market, particularly on Binance. Major exchanges recorded more than $300B in Bitcoin spot volume this month, with $174B coming… pic.twitter.com/Txe5aajolX

— Darkfost (@Darkfost_Coc) October 29, 2025

“The trend shows rising activity from both retail traders and institutional participants, who are increasingly operating in the spot market,” the expert wrote.

He added that the October 11 liquidations prompted investors to shift to more conservative strategies. According to Darkfost, that points to growing stability and resilience in the sector.

“A market driven more by spot trading than derivatives is typically healthier and more stable, as it is less vulnerable to extreme volatility caused by excessive growth in open interest. It also reflects stronger organic demand and increased resilience,” he concluded.

Earlier, an analyst under the pseudonym Crypto Dan forecast the end of the correction and an altcoin rally.