Bitcoin jumps above 89 thousand dollars; Why is the crypto market bullish today?

study time: 2 minutes

In the last 24 hours, the crypto market experienced a new surge and the price of Bitcoin climbed to a daily high of $89,200 after touching the $85,000 range. This growth coincided with Donald Trump’s new statement about the “extraordinarily strong relationship” between the US and China; An issue that immediately triggered a wave of positive emotions in the market.

After talking with Chinese President Xi Jinping, Trump announced that the two countries have made significant progress on the trade agreement and that relations have improved since their recent meeting in South Korea.

This change of tone, after months of tension and threats of 150% tariffs, was seen as a reduction in geopolitical risks for the crypto market and greatly reduced selling pressure.

Analysts also see this development as a sign of the return of calm to the market. Referring to the improvement in liquidity and the cessation of the Federal Reserve’s contractionary program in December, Arthur Hayes suggested that the price floor of Bitcoin has been formed.

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Some analysts also believe that with the increase in government liquidity and the growth of US debt, Bitcoin can perform better in such conditions.