Bitcoin Holds Near $110K as CPI Cools and Trump Confirms China Deal
Good morning, crypto traders! Bitcoin is holding steady around the $110K mark as several key macro events spark renewed optimism across the markets. The big catalyst came from former President Trump, who announced via Truth Social that the long-anticipated China trade deal has finally been completed. According to Trump, the U.S. secured 55% in tariffs while China gained just 10%, with both sides reportedly maintaining an “excellent” relationship.
On the economic front, inflation data provided another boost. The Consumer Price Index (CPI) rose just 0.1% month-over-month in May, coming in softer than expected. The yearly CPI now sits at 2.4%, fueling hopes that the Federal Reserve might pivot to rate cuts later this year. Core CPI also cooled, adding to the growing sentiment that monetary policy could ease in the coming months.
Bitcoin’s price action remained remarkably stable despite the news, trading confidently between $109K and $110K. This stability has allowed altcoins to shine. Ethereum surged over 20% this week, outpacing Bitcoin and reigniting discussions about whether an altcoin season might be underway or if institutional Bitcoin buying has permanently shifted market dynamics.
Solana also grabbed headlines. According to a Blockworks report, the SEC has requested Solana ETF issuers to revise their filings, signaling real progress toward potential approval. Notably, the SEC is reviewing language around in-kind redemptions and staking, which could introduce a new ETF structure allowing staking yields. This would be a groundbreaking shift in the crypto ETF landscape.
Following the news, SOL spiked 6%, climbing toward the $170 level. If the timeline holds, Solana spot ETFs could see significant movement within the next month.
Crypto markets are currently in “Greed” territory, according to the Fear & Greed Index, hinting at continued bullish sentiment. #BTCBreaks110K #writetoearn