Bitcoin Price Remains Steady Amid US-China Summit and Iran Tensions

Bitcoin's price has remained steady at $81,000 despite the ongoing US-China summit discussions and Iran tensions. The cryptocurrency's value has been influenced by hot US inflation data, which showed a 1.4% monthly increase in producer prices, the largest since March 2022. This development is likely to keep interest rates on hold, potentially boding poorly for crypto.

The US-China summit is expected to provide more cues on trade tensions, the Iran conflict, Taiwan, and global supply chains. Trump's counterpart Xi Jinping has been confirmed as a strong force in the global risk picture, with resilient growth and accommodative monetary conditions standing in contrast to the US repricing.