The encryption market recovered after a modern decline. Currently, the total market value of the cryptocurrency market is $ 2.96 million. In the past 24 hours, the market has seen a 1.5 % increase. During this period, all the ten most important growth encoders witnessed. BTC grew by 2.7 %, ETH by 1.6 %, XRP by 3.2 %, Sol by 3.2 % and DOGE by 2.9 %. The big question is: What raised this recovery? Let’s dive into the main reasons behind this price increase.
Delaying Trump’s tariff market optimism
Earlier, US President Donald Trump 
Donald Trump Donald Trump is a former American president, a businessman, and a media figure, who held the position of forty -fifth President of the United States between 2017 to 2021. Trump won the Bachelor of Science in Economics from the University of Pennsylvania in 1968. Trump won the 2016 presidential elections as a candidate for the Republican Party against the Democratic Party candidate Hillary Clinton. In his capacity, Trump ordered a travel ban on citizens from many Muslim majority countries, transforming military financing towards building a wall on the border between the United States and Mexico, and implemented the family separation policy. Trump remained a prominent figure in the Republican Party and is considered a potential candidate for the 2024 presidential elections president A 25 % tariff was announced on Canada and Mexico car imports. This step created chaos in the global economy. It even affected the encryption industry as well. It was afraid that the development would lead to the promotion of the North American region to a severe trade war.
Yesterday, a temporary solution was provided in this case, as Trump agreed to delay a period of 30 days in the implementation of the customs tariff plan.
The decision was the final result of a series of discussions with Canadian Prime Minister Justin Trudeau and Mexican President Claudia Shinbom by Trump.
The temporary stopping in the implementation of the plan has avoided immediate commercial disturbances, and thus significantly decreased macroeconomic pressure. Experts tell that this development has positively affected the encryption market.
The stock market gains add to the encryption rally
Yesterday, the US market reported about a rise of about 1.05 %. The S& P 500 index rose from 5,781.50 dollars to $ 5,842.62.
The encryption market, even the encryption shares, benefited from this positive momentum in the American stock scene.
Yesterday, the price of Microstrategy increased from $ 277.54 to $ 308.55, which represents a remarkable increase of 11.17 %
On the same day, the price of Coinbase Global grew from 214.64 dollars to 222.45 dollars, as it recorded an increase of 3.63 %
Weak US dollar speculation and interest materials
In the past four days, the US dollar index decreased by 3.21 %. The weakest dollar can refer to concerns about the health of the American economy. It can lead to high import prices, and inflation may increase.
If the dollar is declining, and this decrease contributes to inflation, the Federal Reserve for the United States may control interest rates. Reports say there is a possibility of 52 % to reduce the federal reserve rate in June 2025.
Low interest rates can encourage investors to search for higher returns in the most dangerous assets, such as encryption.
It is fair to assume that the decrease in the reading of the DXY index and speculation related to the reduction in the interest rate in June has positively affected the encryption market.
- Also read:
- Crypto American Reserve News: Donald Trump to reveal the Bitcoin strategy tomorrow!
- for
Technical indicators indicate the collapse of ascension
Currently, the total market value of the Crypto Market is $ 2.96 million. SMA, which is $ 200 from the market, is $ 2.79T, SMA for 100 days at 3.28t and 50 days SMA at 3.19t.
Recently, the market has recovered from the SMA line for 200 days-which works as strong support. Now, at least 5.74 % remain higher than support.
SMA works for 100 days and 50 days of SMA as resistance levels. If it exceeds the limits of 3.19t and $ 3.28, the market may see a strong upward rally.
RSI on the market in 47.58. This also indicates that there is enough space for the market to grow more.
In conclusion, the encryption market appears strength, focusing on the main technical levels. If this trend continues, the upscale collapse may be on the horizon.
Do not miss any rhythm in the world of encryption!
Stay in the foreground with urgent news, expert analysis, actual time updates about the latest trends in Bitcoin, Altcoins, Defi, NFTS and more.
