🚨Rumors of Trump's Reserve Float as Bitcoin Rebound Targets $100K.
💡Following remarks made by Commerce Minister Howard Lutnick that President Donald Trump would reveal a path for tariff relief on NAFTA-covered imports from Canada and Mexico on Wednesday, the cryptocurrency market has slightly calmed.
👍📈As a result, Bitcoin has recovered to around $90K, and the market value of all cryptocurrencies has surpassed $2.9 trillion. Since recent market turbulence and trade war fears have rekindled betting on Federal Reserve (Fed) rate reduction, the recovery may continue. The 10-year Treasury yield has fallen to 4.15%, from 4.80% at the time of Trump's inauguration, and the market is now pricing in at least three rate cuts for this year, according to CME's FedWatch tool. In the meantime, bond yields have skyrocketed due to Germany's decision to lift its fiscal restraints, which has caused a sell-off in the dollar index and may incite market risk-taking.
🚫📈Because of this, there's a chance that bitcoin will return to its peak of $98,000 over the weekend, especially when technical charts show signs of selling fatigue.
Bitcoin has become more of a U.S. play due to the growth of ETFs and Trump's pro-crypto position; a change in the narrative surrounding U.S. exceptionalism may cause volatility in BTC.
🚫⛔Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.