The price of Bitcoin shows signs of a rebound after recording impressive hourly gains. As of the closing of this edition, the largest cryptocurrency is approaching $118,500 in a sudden rebound driven by a new macroeconomic sentiment.
The sudden rebound occurred thanks to a daily trading volume of $64.45 billion, while the market capitalization soared to $2.3 trillion. In the seven-day chart, the price of BTC rose a modest 1%, but in a month, the largest cryptocurrency has risen nearly 20%.
Earlier that same day, Bitcoin and the rest of the cryptocurrency market plummeted in the face of Donald Trump's threats to impose higher tariffs on countries. Major cryptocurrencies collapsed, and the global cryptocurrency market capitalization shrank by nearly $40 billion.
Now, cryptocurrency prices are trying to capitalize on Bitcoin's rebound to offset the losses from the beginning of the day. Currently, Bitcoin's dominance remains at 60.1%, while Ethereum's stands at 11.2%.