Crypto breakout continues as Trump softens China stance
🚀 Bitcoin hits $93k as weekend breakout continues
📈 Alt coins lag initially, but finally moving
🏛️ Move follows Trump decision to reduce China tariffs
CRYPTOCURRENCY markets continue to bounce back, boosted further yesterday by President Donald Trump’s announcement that he will reduce his tariffs on China.
Tariffs have been credited as a key driver of volatility in global markets over the past month, but the announcement seems to have allayed fears among investors of a sustained standoff between the major economic powers.
The price of Bitcoin rose to just shy of $93,400 following Trump's comments, its strongest price since early March. Ethereum (ETH) is also up 10% over the past 24 hours to just above $1,700, while the big gainer is SUI which is up more than 25% since this time yesterday.
Are we out of the woods? Given the President’s bombastic approach to governing so far, it’s anyone’s guess what happens next and the ongoing trade negotiations between Washington and Beijing should determine whether this breakout sticks the landing.
In the markets
🌍 Total crypto market cap ⬆️
The global cryptocurrency market capitalisation is approximately
$2.95 trillion, reflecting a 6.76% increase over the last 24 hours.
🟠 Bitcoin (BTC) ⬆️
Price: Currently trading at $94,335, marking a 6.7% increase in the last 24 hours.
Daily high: $93,817
Daily low: $87,084
📈 S&P 500 ⬆️
The S&P 500 index is up approximately 2.51% since yesterday.
😬 Fear & Greed Index
The Fear and Greed Index currently stands at 52/100, indicating Fear among investors.
📊 Bitcoin Relative Strength Index (RSI) (14)
The RSI for Bitcoin is at approximately 69, suggesting a neutral momentum moving into overbought territory.
Cautionary Notes
It's definitely tempting to get swept up in the excitement, but please heed these words of caution: Do your own research, only invest what you can afford, and make good decisions. The indicators contained in this article will hopefully help in this. Remember though, the content of this article is for information purposes only and is not investment advice or any form of recommendation or invitation. The Digital Commonwealth always advises you to obtain your own independent financial advice before investing or trading in cryptocurrency.
