Bitcoin surges in the afternoon on US-China tariff deal

US-China, Tariff Rates Reduced to 30% and 10% Respectively
Cryptocurrency Market Surges Midday on Tariff Announcement
BTC Rises by About 2%... Altcoins Record Over 5% Increase

On the 12th, the cryptocurrency market, including Bitcoin (BTC), surged midday following a dramatic tariff agreement between the United States and China.

Scott Bessent, US Treasury Secretary, and Li Keqiang, Chinese Premier, announced through an official statement on the 11th that their negotiations in Geneva, Switzerland, had made significant progress.

On the 12th afternoon, both sides dramatically reduced tariffs, causing the cryptocurrency market to surge. The US and China officially announced through statements that they would reduce tariffs to 30% and 10% respectively for 90 days. Previously, the announced tariff rates between the two countries were 145% and 125%.

Following the announcement, Bitcoin (BTC) broke through $105,000. Altcoins surged by over 5%. As news spread that the two countries, previously considered key players in the 'global trade war', had reached an agreement, capital flowed into asset markets, with 'risky assets' like altcoins experiencing even larger increases.

Particularly, low market cap 'lightweight' altcoins recorded nearly 10% surge.

◇Bitcoin = At 4 PM on the 12th, the Bitcoin price on Upbit was 146,490,000 won. Bitcoin's dominance was 62.69%.

According to on-chain analysis platform Sigbit, the long and short betting ratio in the Bitcoin futures market was 39.30% and 60.70% respectively.

With Bitcoin's surge, optimistic sentiment dominated the market.

Jeff May, COO of global cryptocurrency exchange BTSE, said, "Optimistic views on this weekend's US-China trade negotiations are easing trade tensions and moving funds back into risky assets like cryptocurrencies," adding, "This could potentially drive Bitcoin beyond its all-time high."

Bitcoin approached its all-time high of $109,000 on January 21st.

◇Rising Coins = At 4 PM on the 12th on Upbit, Catinurdogsworld (MEW) recorded the largest increase, rising by about 25%.

Catinurdogsworld is a meme coin representing the Solana ecosystem, contributing to Solana blockchain activation. It's a representative cat meme coin with an 'underdog' concept in a market dominated by dog-themed cryptocurrencies like Doge and Shiba Inu.

◇Fear and Greed Index = The digital asset Fear-Greed index provided by Alternative is at 70 points, entering the 'Greed' stage. The greed stage is characterized by high price volatility and trading volume, indicating a price increase period. There's a high possibility of short-term peak formation, requiring caution in selling.

The Relative Strength Index (RSI) provided by Sigbit is 66.1, recording a 'neutral' state. RSI measures the relative strength between upward and downward price pressures, indicating overbought and oversold levels for a specific asset.

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