Bitcoin (BTC) has reclaimed the $110,000 mark for the first time in two weeks. Analysts suggest this was driven by expectations of renewed US-China trade negotiations. Experts interpret this rebound as a signal of a potential bull market resumption and are even suggesting the possibility of reaching new all-time highs.
According to the global cryptocurrency market tracking site CoinMarketCap, BTC was trading at $110,223.19 as of 8 AM on the same day. This represents a sharp increase of 4.17% from the previous day.
At the same time, altcoin prices also surged across the board. The altcoin leader Ethereum (ETH) rose 6.37% to $2,667.89. XRP traded at $2.32, up 2.61% from the previous day. Solana (SOL) recorded $159.74, up 4.36%.
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On the domestic exchange Bithumb, BTC recorded 150,387,000 won, up 3.07% from the previous day. ETH rose 5.23% to 3,639,000 won, and XRP was trading at 3,169 won, up 1.73%.
Expectations of easing US-China trade tensions drove the surge in major cryptocurrencies. The two countries resumed high-level trade talks in London on the 9th (local time). This is the second meeting following the trade negotiations held in Geneva from May 10-11. With the US-China trade negotiations finding a potential breakthrough after being stalled since the Geneva meeting, the US stock market rallied, except for the Dow. The S&P 500 crossed the 6000 level for the first time since February.
Joe DePascale, CEO of Bitbull Capital, said, "Bitcoin breaking through $110,000 for the first time in two weeks shows that the momentum has revived after the adjustment phase" and added, "If this level can be maintained, breaking through $120,000 is possible."
The Crypto Fear and Greed Index from alternative data analysis company Alternative.me remained at 62 points, the same as the previous day, indicating a state of "greed". The lower the index is towards 0, the more constrained the investment sentiment, while closer to 100 indicates market overheating.
- Reporter Kim Jung-woo
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