Bitcoin Holds Near $80,900 as Trump-Xi Talks Loom and INJ Jumps 24%
Updated
Updated · CoinDesk · May 13
Bitcoin Holds Near $80,900 as Trump-Xi Talks Loom and INJ Jumps 24%
5 articles · Updated · CoinDesk · May 13
$80,900 bitcoin traded 0.5% higher and stayed below $81,000 ahead of Trump’s Beijing talks with Xi, with the broader market favoring large-cap tokens over smaller cryptocurrencies.
INJ surged as much as 24%, while ether rose 1.3% to $2,300 and the CoinDesk 20 gained 1.3%; the CoinDesk 80 was little changed, underscoring selective risk appetite.
BNB, DOGE and ether futures showed rising open interest, with ETH topping 15 million contracts and BNB OI hitting 6.15 million tokens, signaling fresh speculative inflows without extreme leverage.
Negative 24-hour volume metrics for most tokens, alongside bitcoin and ether implied volatility near year-to-date lows, showed traders remain cautious even as options activity stayed tilted toward bullish calls.
DeFi sentiment also improved after Phase 1 of the Kelp DAO recovery removed unbacked rsETH; 117,132 rsETH worth about $278 million is due to be refilled over two weeks.
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Bitcoin's immediate outlook is shaped by a mix of geopolitical events, regulatory changes, and technical price signals. The upcoming summit between President Trump and President Xi Jinping could impact global trade and the cryptocurrency market, especially since past trade tensions and tariffs have caused volatility in Bitcoin’s price and pressured Chinese mining equipment makers. While Trump presents himself as pro-crypto, the uncertainty around these talks and ongoing regulatory debates, like the CLARITY Act, add to market unpredictability. As a result, traders are preparing for sharp price movements, focusing on both headline risks and long-term trends.