Cryptocurrencies continued their strong gains over the weekend thanks to three positive developments in macroeconomics and international politics. The highlights of these developments were President Trump's statements on Truth Social regarding the ongoing trade talks in Switzerland between the United States and China, which seemed promising.
Trump said: "Very good meeting today. Many things were discussed, and a lot was agreed upon." He added: "A complete reset was negotiated in a friendly and constructive manner. We want to see, for the benefit of both China and the United States, China opening up to American businesses. Significant progress has been made!!!"
Optimism fuels the rise of crypto with breakthroughs in trade files and international disputes
Earlier on Saturday, Trump also announced a "complete and immediate" ceasefire in the escalating war between India and Pakistan. This positive news was complemented by Russian President Putin's statement about his readiness "to have serious talks with Ukraine," suggesting talks "without preconditions" in Turkey next week.
The price of Bitcoin (BTC) rose to nearly $105,000 before pulling back slightly to $104,500 currently, marking an increase of 1.5% over the past 24 hours. Ethereum (ETH) continued its recent outperformance, rising by 7.7% during the same timeframe.
Cryptocurrency prices now
Bitcoin is now trading at $104,668, up by 0.94%, while the largest increase among the major cryptocurrencies belongs to Ethereum, which is up 4.6% to $2,520.6 per ounce. Solana has risen to $174.1, up by 1.7%, and recorded $180.2 at the session's peak before retreating for profit-taking. Meme coins like Shiba Inu are up by 3.4% and Dogecoin by 3.4%.