In crypto, Bitcoin has been trending positively, going up more than 1.5% to reach $84,900 on Saturday. The rise comes after the Trump administration released new guidance on pursuing reciprocal tariffs, which could end a three-month streak of declines.
In good news, the U.S. Customs and Border Protection gave their list of exclusions a recent face-lift. These products are newly exempt from President Donald Trump’s 125% China tariff and the starting 10% global tariff. These exclusions are a sign of an administration looking to further raise the barrier of economic nationalism, especially for large tech.
This week, trade tensions between the U.S. and China have boiled over. Both countries have escalated to import tariffs of more than 100% on each other’s products. Multimedia telecommunications equipment, which are mostly smartphones, over $60 billion a year. The U.S. Customs and Border Protection excluded big tech from Trump's tariffs, signaling a potential concession in the trade war.
"After all, the bond market is forcing Trump to concede," - The Kobeissi Letter
Almost all of the major alternative cryptocurrencies followed Ethereum’s lead, doubling in price. ETH, XRP, and ADA are up by 6% total on the day. This recent increase points to an increased risk-on sentiment across the wider crypto space.
The first two stablecoins, USDT and USDC, have successfully maintained their combined market capitalization above the $200 billion mark. In fact, they’re on the verge of setting record highs! As such, the entire crypto currency market opened for trading during the weekend.
In recent chart analysis, Bitcoin had been seeking to extend its hold above the red, descending trendline. This trendline has defined the sharp downward sell-off from all-time highs of more than $109,000.
Omkar Godbole, Co-Managing Editor on CoinDesk's Markets team based in Mumbai, holds a master's degree in Finance and is a Chartered Market Technician (CMT) member. Prior to coming on board at CoinDesk, Omkar Godbole cut his teeth at FXStreet. There, he studied currency markets and worked as a fundamental analyst on the currency and commodities desk at brokerage houses in Mumbai.
