The crypto market continued rising on Wednesday as market participants cheered the encouraging US inflation data. Bitcoin and most altcoins also jumped as market participants waited for the Consensus event in Toronto. These coins also jumped as the crypto fear and greed index moved to the greed zone of 74.
Why the crypto market is soaring
The crypto market has jumped sharply this week as investors cheered the US and China trade talks in Switzerland. The two superpowers agreed to keep talking and reduce tariffs before the next meetings.
China agreed to lower tariffs on US goods from 125% to 10%. It also agreed to intensify its battle against the manufacturing of products used to make fentanyl, a drug that kills thousands of Americans a year. Most notably, the country allowed airlines to start receiving Boeing aircraft.
The US, on the other hand, agreed to slash tariffs from 150% to 30%. Trump’s officials have also hinted that they will be ready to cut tariffs to the baseline of 10% if China makes enough steps on tariffs.
