The cryptocurrency market is rallying with Bitcoin exceeding $99,000 and total market cap reaching $3 trillion, largely due to President Trump’s announcement of a major trade deal. This news significantly wiped out 71.4% of leveraged short positions. Positive sentiment in the crypto space reflects easing concerns about international tariffs and suggests a broader risk-on mood among traders.
The cryptocurrency market is experiencing a noticeable rally, with Bitcoin surging past the impressive threshold of $99,000. As of Thursday, the total market cap for cryptocurrencies soared to an astounding $3 trillion. This buoyant market climate seems largely attributed to US President Donald Trump’s announcement of a significant trade deal with major countries, which was shared on his Truth Social platform.
Earlier today, President Trump declared this trade deal during a post, promising more details during a press conference scheduled for 10:00 AM in Washington, D.C. This development marks the first such announcement since he imposed tariffs on a range of trading partners. Such news is seen as a potential game-changer, simplifying tariff-related uncertainties that have been looming over the global economy.
As a direct consequence of Trump’s announcement, Asian equity markets responded positively, reflecting an overall risk-on sentiment. Crypto investors are apparently feeling the confidence as Bitcoin hit above $99,000 during early trading hours in Asia. This positive development highlights how intertwined the traditional financial landscape is with burgeoning cryptocurrency dynamics.
We also observed a drastic decrease in leveraged short positions, wherein 71.4% of these were wiped out according to data from Coinglass. This reaction is a clear indicator of how rapidly sentiment can shift in the market. Specifically, in the last 24 hours, a staggering $291.90 million worth of liquidations occurred, predominantly from short positions, as traders scrambled to close their bets against Bitcoin.
Data from CoinGecko indicates that all top 10 cryptocurrencies had also shown gains during the early hours of the Asian market. This clean sweep of positive momentum demonstrates a broader transition in mindset as traders navigate the uncertain waters of the current economic climate stemming from global trade talks. The market continues shifting, with many looking ahead to observe how these developments unfold.
However, it’s crucial to note that investing in these volatile markets is not without significant risks. The statements provided here are for informational purposes only and should not be construed as financial advice. There can be no guarantee that all the information shared is without errors and misstatements. Investing entails risks, including the potential loss of principal, and investors should conduct extensive research prior to making any financial decisions.
