Bitcoin rises on hopes of ending global tariff war

On the 10th, a US-China high-level meeting is scheduled in Geneva, Switzerland
Trump: "First trade agreement with major countries planned"
BTC breaks through $99,000 during trading session... Altcoins also surge

On the 8th, the cryptocurrency market, including Bitcoin (BTC), rose with expectations that the Trump administration will reach an agreement with major countries at the end of the tariff war.

A US-China high-level meeting is scheduled to be held on the 10th in Geneva, Switzerland. The United States and China have been the main actors driving the asset market into fear by consecutively announcing high tariffs on each other. Expectations that they might reach an agreement led to the rise in the asset market.

On the 8th, President Trump posted on his SNS 'Truth Social' that he will hold an important press conference in the Oval Office at 10 am tomorrow (11 pm on the 8th Korean time) and that the first case of a major trade agreement with large and respected countries will be announced.

While he did not specifically mention the country, it is being discussed as the United Kingdom. Major foreign media such as the New York Times have reported that the Trump administration will announce a trade agreement with the UK based on testimonies from sources.

Bitcoin broke through $99,000 during the trading session on the 8th, and many altcoins rose by more than 3%.

◇Bitcoin = The Bitcoin price on Upbit at 4 pm on the 8th is 139,870,000 won. Bitcoin's dominance is 65.13%.

According to the on-chain analysis platform Sigbit, the long and short betting ratio in the Bitcoin futures market was 33.26% and 66.74%, respectively.

Cryptoquant contributor Darkpost said, "The inflow of stablecoins into Binance has surged over the past three days" and "The inflow of stablecoins to exchanges suggests a strong signal of increased market confidence after a period of consolidation or adjustment."

◇Rising Coins = As of 4 pm on the 8th on Upbit, the cryptocurrency with the largest increase from the previous trading day was Safe (SAFE), which rose by about 25% in a single day.

Safe is a project that provides users with control over various assets such as identity verification, finance, and cryptocurrencies, with strengths in security, vault, and wallet areas.

It has a smart contract wallet running on multiple blockchains and provides a multi-signature wallet function that only processes transactions when approved by a certain number of people. In addition to high security through this, it offers various additional services for user experience and gas fee saving features.

◇Fear and Greed Index = The digital asset fear-greed index provided by Alternative is 65 points, entering the 'Greed' stage. The greed stage is a period when price volatility and trading volume increase, indicating a price rise. There is a high possibility of forming a short-term peak, so caution is advised when selling.

The Relative Strength Index (RSI) for cryptocurrencies provided by Sigbit is 70.3, recording an 'overbought' state. RSI determines the relative strength between upward and downward pressure on a specific asset price and is an indicator showing the overbought and oversold scale of a specific asset.

Reporter Seung-won Kwon ksw@blockstreet.co.kr