Today, the broader digital asset market witnessed a slight recovery after significant slumps in the past few days. The market valuation increased by 2.57% to $3.21 trillion, while the market volume decreased by 23.62% to $241.16 billion. The fear and greed index also surged to 72, indicating improved investor enthusiasm in the digital asset market.
The recovery was a result of US President Trump temporarily halting a recent proposal to introduce heavy taxes on goods imported from Canada and Mexico. The plan to impose such tariffs had caused fear in the global markets, including the cryptocurrency market.
The halt came after the Mexican president reached an agreement with Trump to postpone the taxation plan for one month. The Canadian Prime Minister also had a telephone conversation with Trump regarding the tax issues. This suspension alleviated market anxiety and allowed the cryptocurrency markets to experience some recovery.
Market Overview:
The market rollercoaster took another turn as Bitcoin rebounded by 10% after the drop, but Ethereum couldn’t reclaim $3K. However, the downturn resumed as China imposed 15% tariffs on US coal and gas.
Bitcoin at $100k:
As a result, the Bitcoin market saw a mild resurgence, with a 3.18% rise to trade at $98,545. Its market dominance also increased to 60.89%, reaching $1.954 trillion. Whales took advantage of the market dip in the past three days and bought large amounts of BTC tokens at lower prices, leading to a higher accumulation trend and pushing BTC prices higher.
Altcoin market sees relief:
Altcoin markets also experienced a slight recovery. Ethereum rose by 5.86% to $2,693, XRP saw a 7.46% increase to $2.51, and Solana registered a 4.50% uptick to reach $203.85. Dogecoin and Cardano also witnessed increases of 6.20% and 5.44% respectively, while BNB and TRON were slightly down in the top 10 major cryptocurrencies section.
Top news:
Today, major events in the crypto markets included World Liberty Financial, a crypto DeFi project powered by US President Trump, purchasing 86,000 Ethereum tokens worth $220 million. Eric Trump, Trump’s son, also tweeted that it is an ideal time to buy Ether, following the recovery in Ethereum’s value after the pause on taxes aimed at Mexico and Canada. Additionally, Trump approved the development of the first-ever US Sovereign Wealth Fund, an investment fund belonging to the federal government to stabilize the economy and create wealth for future generations.
Top gainers:
The top gainers in the last 24 hours were DOGEai (DOGEAI) with a 197% price rise, followed by SwarmNode.ai (SNAI) with a 122% surge. AGiXT (AGIXT) secured the third position with an 80.3% rise, while Cloudyheart (CLOUDY) and Tri Sigma (TRISIG) recorded increases of 71.7% and 58.9% respectively.