Bitcoin Soars 6%: Crypto Market Responds to Shifting Tariff Policies
The world's largest cryptocurrency demonstrated significant growth on Monday, reaching a seven-week high after U.S. presidential candidate Donald Trump softened his position on proposed trade tariffs.
Bitcoin rose approximately 6% to $93,800, hitting its highest level since early March. Most altcoins also showed gains, resulting in the overall cryptocurrency market capitalization increasing by nearly 5% to $3.34 trillion.
This movement was triggered by Donald Trump's statements on Sunday, proposing to reduce planned tariffs on Chinese goods from 60% to 10%. Market experts note that this announcement eased investor concerns about potential economic damage from a trade war.
Political Statements as Cryptocurrency Market Drivers
Trump, known for his support of the crypto industry, also reiterated his promise to make the United States the "cryptocurrency capital of the planet" if re-elected in November.
"We're going to help Americans use cryptocurrency. We're going to bring the miners back to America, and we're going to let this new technology flourish," Trump stated at a rally in Ohio.
In his speech, he also promised to fire Securities and Exchange Commission Chair Gary Gensler, who is known for his strict regulation of the cryptocurrency sector.
Technical Indicators and Market Outlook
Bitcoin continues to recover from a sharp decline in early August, caused by fears of a global recession. Monday's growth returned the cryptocurrency above the key support level of $90,000, which technical analysts view as a positive signal.
It remains unclear whether Bitcoin can return to its historical maximum of around $99,000, reached in March, before the November U.S. presidential elections. These elections are seen by many market participants as a key event for the future of cryptocurrency regulation in the country.
Altcoin Response to Positive Trend
Ethereum, the second-largest cryptocurrency, also showed growth of approximately 4% to $3,400. Other major altcoins, including Solana and Cardano, demonstrated similar or higher growth rates.
Memecoins such as Dogecoin and Shiba Inu outperformed the broader market, increasing by 8% and 5% respectively. This indicates a return of more speculative sentiment to the cryptocurrency market.
Impact of Global Economic Factors
Beyond political statements, analysts note that strengthening stock markets and declining U.S. government bond yields also contributed to Bitcoin's rise.
Investors continue to closely monitor macroeconomic indicators and Federal Reserve interest rate decisions, which could significantly impact the cryptocurrency market in the coming months.
Expectations for an interest rate cut in September remain high, potentially creating more favorable conditions for risk assets, including cryptocurrencies.