Bitcoin surged past $83,500 today, riding high on Trump’s latest trade move. The former president announced a 90-day tariff pause for friendly nations – but China gets slapped with a hefty 125% fee. Crypto markets loved it. Bitcoin jumped 8%, pushing the total crypto market cap to $2.59 trillion. Ethereum and XRP joined the party too. Short sellers got crushed, with $169 million in positions liquidated. The drama’s just getting started.
While global markets held their breath over Trump’s latest trade moves, Bitcoin shot up more than 8% to smash through $81,700. The cryptocurrency briefly touched a jaw-dropping $83,588 before settling around $82,000, proving yet again that crypto markets love a good political shake-up.
Trump’s announcement of a 90-day tariff pause for cooperative nations sent ripples through the financial world. Commerce Secretary Howard Lutnick praised the collaborative effort that led to the new policy decisions. But here’s the kicker – China got left out in the cold, still facing a hefty 125% tariff for playing hardball on trade negotiations. Talk about getting sent to the corner for not playing nice.
China learns the hard way as Trump leaves them facing steep 125% tariffs while other nations get a 90-day breather.
The crypto market went absolutely bonkers, with total market cap surging 8.3% to $2.59 trillion. Bitcoin’s dominance climbed to 62.58%, flexing its muscles with a market cap of $1.621 trillion. The altcoin gang joined the party too – Ethereum and XRP rode the wave of enthusiasm, helped along by some positive news about Ethereum ETF options. The EU’s MiCA framework is providing much-needed regulatory clarity for institutional investors entering the market.
Short-sellers got absolutely crushed, with over $169 million in shorts getting liquidated. Ouch. The Fear & Greed Index finally crawled out of “Extreme Fear” territory, though traders aren’t exactly breaking out the champagne just yet. Daily trading volume saw a massive spike as volume jumped 49% to $78.76 billion. They’re keeping one eye on those tricky U.S. interest rates and bond yields.
The broader economic picture remains complicated. The Federal Reserve‘s next moves are anyone’s guess, and that pesky 10-year Treasury yield keeps everyone on their toes. Add in some spicy CPI data on the horizon and ongoing trade tensions, and you’ve got yourself a proper economic soap opera.
But for now, Bitcoin’s sitting pretty at $82,000, though nobody’s taking anything for granted. The crypto market’s notorious volatility means today’s victory lap could be tomorrow’s stumble.
Stablecoins are doing heavy lifting in trading volume, while regulatory developments in the U.S. add a dash of optimism to the mix. Just another day in crypto land, where politics and digital gold make for strange bedfellows.
