The crypto market is on the rise today, and here’s why:
1. Good news on the US-China front: People are feeling hopeful because tensions between the US and China might be calming down. The US hinted that tariffs on Chinese goods could be lowered soon.
2. Big short squeeze: Lots of traders who bet that crypto prices would fall lost their bets. Over $540 million in short trades were wiped out, which helped push prices even higher.
3. Strong technical signals: Charts show crypto breaking out of a long downtrend, which is a bullish sign. The market is gaining strength and momentum.
As a result, the total crypto market value jumped to nearly $2.94 trillion, up around 6.7% in just 24 hours!
Bitcoin and Ethereum are leading the way with strong gains.
