Rumors of easing trade tensions between the US and China have led to significant growth in the cryptocurrency and stock markets. According to Bloomberg, US Treasury Secretary, Steven Mnuchin, stated that the current situation with heavy tariffs of 145 and 125 percent is not sustainable, and there is a possibility of tension reduction between the two countries. Following this report, the total cryptocurrency market value reached $2.93 trillion. Mnuchin’s remarks caused notable growth in the US stock indices; the Dow Jones rose about 100 points, the S&P 500 increased by approximately 500 points, and the Nasdaq also saw a 3% rise. Meanwhile, Bitcoin’s price surged by 6.24% in the past 24 hours, reaching $93,488. Despite the traditional financial markets experiencing a downturn after no official response from the White House, Bitcoin maintained its stability and continued its upward trend. This could indicate a divergence of Bitcoin’s path from traditional markets. Two important points can be inferred from these developments: Firstly, unlike a couple of weeks ago when markets plummeted after the denial of tariff cessation rumors, this time, even without an official response, traditional markets declined again. Secondly, unlike the past, Bitcoin moved contrary to the traditional market trend, demonstrating more resistance to adverse macroeconomic conditions. It is worth noting that although Mnuchin is considered a supporter of the crypto sector, the final decision on tariffs lies with the President, Donald Trump. Nonetheless, investors should carefully monitor tariff-related rumors as these developments could significantly impact the future direction of the markets.
