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U.S. President Trump's potential India trade deal speculations boost Bitcoin's value slightly.
The value of Bitcoin surged past $95,000, with other cryptos like Ethereum and Solana following suit, as U.S. President Donald Trump prepares for a rally in Michigan, teasing potential trade deals.
According to crypto data provider, CoinGecko, Bitcoin was trading at around $95,400, up 0.5% over the previous day. Ethereum and Solana saw gains of 3% and 2% respectively, reaching prices of $1,830 and $150 respectively.
The president's Michigan rally is scheduled for 6 p.m. ET, where he plans to celebrate his first 100 days in office, as reported by The Detroit Free Press. Analysts at crypto exchange, Bitfinex, believe that Trump's speech will attract "outsized attention" from investors, looking for hints of his stance on assets such as Bitcoin.
On his social media platform, Truth Social, Trump shared a list of self-praises from various sources, including the Department of Education and House of Representatives Speaker Mike Johnson. For the past few weeks, Trump has focused primarily on reshaping global trade rather than himself.
Reports suggest that the U.S. has reached a trade deal with a country previously affected by Trump's tariffs. However, U.S. Commerce Secretary, Howard Lutnick, said on CNBC's 'The Exchange,' that the country's prime minister and parliament still need to approve the agreement.
Trump expressed optimism about negotiations with India, stating that a deal is imminent, according to Reuters. If these trade deals materialize, they could impact Bitcoin and other cryptocurrencies, driving market volatility in the short term, but creating structural shifts in the long run.
David Lawant, head of research at crypto brokerage FalconX, believes that "trade policy headlines are likely to continue to drive risk assets, with crypto in tow." However, as the new environment takes shape, the impact of tariffs on inflation and economic activity is expected to gain traction.
Economists are concerned that Trump's tariffs could lead to inflation and hinder economic growth. On Wednesday, the Federal Reserve's preferred inflation gauge is set for an update, providing insights into the economic impact of these tariffs.
Edited by James Rubin
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- The surge in Bitcoin's value, over $95,000, is echoed by other cryptocurrencies like Ethereum and Solana, with prices of $1,830 and $150 respectively.
- As U.S. President Donald Trump prepares for a rally in Michigan, traders on crypto exchange Bitfinex are eager for his speech, seekingclues about his stance on assets such as Bitcoin.
- Trump has been focusing on reshaping global trade rather than himself and has been reported to have reached a trade deal with a country previously affected by his tariffs.
- Cryptos like Ethereum and altcoins could see market volatility in the short term if the announced trade deals between the U.S. and other countries materialize.
- David Lawant, head of research at crypto brokerage FalconX, predicts that "trade policy headlines are likely to continue to drive risk assets, with crypto in tow."
- Economists are concerned about the potential impact of Trump's tariffs on inflation and economic growth, with the Federal Reserve's preferred inflation gauge due for an update on Wednesday.
- As the new environment takes shape, the impact of tariffs on inflation and economic activity is expected to gain traction.
- Reporters from sources like The Detroit Free Press, CNBC, and Reuters covered Trump's Michigan rally and his statements on trade deals, potentially affecting the crypto market.
- With the current focus on technology, politics, and general-news, staying informed about the latest happenings in the cryptocurrency market is essential for potential investors.
