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Cryptocurrencies are shaping with Trump's statements
After Trump's announcement of new customs tariffs, there was a sharp decline in the markets and the Bitcoin (BTC) price fell below $79,000 to see fresh dip levels. However, with the president's announcement of creating a "crypto strategic reserve," the BTC price rose above $95,000, revitalizing the markets. Although it seems to be coming out of a bear market, market participants are now hopeful ahead of the first quarter closing.
Trump's announcement of the crypto strategic reserve including Bitcoin, Cardano, XRP, and Solana has led to speculations that it could trigger a global 'FOMO' wave. As Senator Lummis pointed out, this move could potentially ignite a 'crypto war.' Indeed, it is reported that China is also discussing this matter behind closed doors. However, it is believed that this decision was primarily made to support the US economy and aimed to contribute to reducing the $36.2 trillion national debt.
300 billion dollars flowed into the market
After this announcement, it is reported that there has been a new investment inflow of over 300 billion dollars into the cryptocurrency markets. In addition, in line with the goal of the U.S. to become the 'crypto capital of the world,' the idea of granting U.S. citizenship to those who invest 5 million dollars is also being discussed. The significant interest in the memecoin issued in Trump's name is also evidence of the increasing adoption of crypto. The Bitcoin price saw a significant jump last weekend, exceeding 95,000 dollars. However, it is observed that the price gap between 78,000-80,670 dollars on the CME futures market, after this rise, has not been closed. Historically, it is known that BTC price tends to fill such gaps.
The current price movement has created a new CME gap between 85,720 and 91,630 dollars, and it is predicted that the BTC price could pull back to these levels. However, considering that BTC has found support between the 50-day and 200-day moving averages, it is difficult to make a definite decision about the direction of the price. The breach of one of these levels will determine Bitcoin's next move. The Bitcoin price started February with a downward trend and remained under pressure throughout the month. However, with the entry into the new month, the price movements are showing a rather optimistic outlook. Expectations for BTC to reach the $100,000 level persist, but fluctuations in market uncertainty and investor sensitivity will continue to affect the future price.#XRP Tops USDT in Market Cap #Crypto Strategic Reserve