Bitcoin has risen 2.71%, along with altcoins staging a strong show as President Trump hints at a major tariff deal with a key US ally.
In a message on his social media platform Truth Social, US President Donald Trump has teased a “big” tariff deal with one of the highly respected countries and US allies, thereby setting the stage for a crypto market rally ahead.
As tensions surrounding the US trade war are likely to subside moving ahead, Bitcoin and altcoins have witnessed a healthy uptick over the past week. The Bitcoin BTC $63 101 24h volatility: 4.0% Market cap: $1.26 T Vol. 24h: $49.78 B price is up another 2.71% today, eyeing a breakout above $100K, while Ethereum (ETH) is up 5%, moving closer to $1,900 levels.
Crypto Market Speculation Rises on Donald Trump’s “Big” Trade Deal
US President Donald Trump stated that he would be announcing a “big” tariff deal with a “highly respected country” on Thursday morning 10:00 AM. Trump wrote:
“Big News Conference tomorrow morning at 10:00 A.M., The Oval Office, concerning a MAJOR TRADE DEAL WITH REPRESENTATIVES OF A BIG, AND HIGHLY RESPECTED, COUNTRY. THE FIRST OF MANY!!!”
Despite Trump not revealing the entire details, a New York Times report speculated that this could be a breakthrough in the US-UK trade deal going ahead. Reducing tariffs could help alleviate inflationary pressures, creating a more favorable environment for investing in crypto, tech, and other high-beta assets.
Bitcoin surpassed $99K for the first time since February, extending its weekly gains to nearly 5% amid improving macro conditions and renewed
ETH
$1 822
24h volatility:
3.4%
Market cap:
$219.92 B
Vol. 24h:
$20.50 B
inflows.
Apart from
BTC
$63 101
24h volatility:
4.0%
Market cap:
$1.26 T
Vol. 24h:
$49.78 B
, altcoins are also showing strength with
ETH
$1 822
24h volatility:
3.4%
Market cap:
$219.92 B
Vol. 24h:
$20.50 B
gaining 5%, moving to $1,850 levels, a day after the Pectra upgrade went live on the
ETH
$1 822
24h volatility:
3.4%
Market cap:
$219.92 B
Vol. 24h:
$20.50 B
mainnet. Other top altcoins like
SOL
$76.66
24h volatility:
3.0%
Market cap:
$43.59 B
Vol. 24h:
$4.51 B
,
XRP
$1.33
24h volatility:
3.2%
Market cap:
$80.88 B
Vol. 24h:
$3.11 B
,
DOGE
$0.0911
24h volatility:
3.9%
Market cap:
$15.39 B
Vol. 24h:
$954.38 M
, and
ADA
$0.26
24h volatility:
3.1%
Market cap:
$9.46 B
Vol. 24h:
$396.24 M
, have gained anywhere between 3-5%.
What to Expect From Trump Trade Talks?
The New York Times reports, citing three sources familiar with the matter, that the United States is set to enter into a trade deal with the United Kingdom.
Timothy C. Brightbill, an international trade attorney at Wiley Rein, noted that the announcement is likely an agreement to begin negotiations, outlining a framework of issues to be addressed in the coming months.
He added: “We suspect that tariff rates, nontariff barriers and digital trade are all on the list — and there are difficult issues to address on all of these.”
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