Cryptocurrencies BTC, ETH, XRP Rise following Donald Trump's Hint of Significant Trade Agreement

Crypto Markets Surge After Trump's Trade Deal Tease

The crypto world is abuzz with excitement as the broader market has witnessed a significant upward trend in the past few hours, all thanks to a tantalizing tweet from former U.S. President Donald Trump. He hinted at a major trade deal expected to be announced tomorrow.

Green Lights All Around

As per our very own reports, Bitcoin is making a beeline for the significant technical and psychological resistance level at $100,000. The overall crypto market is shaping up to be a green sea, as you can see in the heatmap below.

ETH has gained 3.6%, but it's important to note that the Ethereum protocol underwent a massive overhaul yesterday, aptly named Pectra. This update combines a whopping 11 Ethereum Improvement Proposals (EIPs), including account abstraction that is designed to transform ordinary wallets into smart contract powerhouses.

XRP is also seeing a rise, with a nearly 2% increase in its price. Other altcoins like SOL, DOGE, ADA, AVAX, LINK, TONCOIN, HBAR, and more, are charting gains ranging from 2% to 5%.

Trump Drops a Big One

Representatives from the United States and China are due for a sit-down this weekend to discuss a potential trade deal. But that's not all – Trump took to Truth Social to tease an announcement of a big trade deal tomorrow, without dishing out any precious details.

He posted a message saying, "Big News Conference tomorrow morning at 10:00 AM., The Oval Office, concerning a MAJOR TRADE DEAL WITH REPRESENTATIVES OF A BIG AND HIGHLY RESPECTED COUNTRY. THE FIRST OF MANY."

Binance Offer: Use this link to register a fresh account and claim a limited-time exclusive welcome offer worth $600! While you're at it, check out the opportunity at Bybit. Click here to register and establish a $500 free position on any coin!

Data as of March 19, 2023

Enrichment Insights

President Donald Trump announced a groundbreaking new trade deal between the United States and the United Kingdom, set to be unveiled in a press conference from the Oval Office. This deal includes significant reductions in tariffs on UK autos, steel, and aluminum – a drastic change from the stiff tariffs Trump imposed earlier in an attempt to bolster domestic manufacturing.[1][2]

This bilateral agreement is the first under Trump's recent policy overhauls, marking a shift following a period of sky-high tariffs (including a 145% tariff on most Chinese imports) and tension-filled trade relations. Trump described the deal as "full and comprehensive" but indicated it would primarily focus on easing tariffs in sectors like car manufacturing.[1][2]

The announcement of this trade agreement coincides with ongoing U.S.-China trade talks in Switzerland, the first face-to-face dialogue since the talks broke down last year, shedding light on the broader context of America's trade relations.[1] Trump emphasized that any deal must prioritize American interests, implying that tariffs will remain a favored negotiation tool in the future.[1]

Impact on Crypto Market

While the search results do not explicitly pinpoint the impact of this trade deal on the crypto market, several indirect effects can be inferred:

Trade agreements that reduce tariffs and enhance trade relations tend to increase market confidence and economic stability. Such improved economic optimism could spur increased interest from both institutional and retail investors in cryptocurrencies as alternative or supplementary investment vehicles.
The lessening of trade tensions, especially in areas outside of U.S.-China relations, might lead to a reduction in uncertainty and volatility in traditional markets. Crypto traders might view cryptocurrencies as either a hedge or a speculative play based on broader macroeconomic indications.
On the flip side, Trump's continued use of tariffs as a lever could maintain or amplify volatility and speculative interest in cryptos, given the potential for ongoing trade disruptions.

In conclusion, the U.S.-U.K. trade deal announcement represents a significant step towards easing some tariff-related pressures, which may encourage more stable economic outlooks – factors that could indirectly support cryptocurrency market growth or temper volatility. However, the intricacies of U.S. trade policies and relationships with China may persist, contributing to ongoing uncertainty and keeping the crypto market sensitive to geopolitical and economic shifts.[1][2]

The crypto market is on an upward trend, with Bitcoin eyeing the resistance level at $100,000, as the overall market visualizes a green sea.
Ethereum, after a massive overhaul named Pectra, has gained 3.6%, transforming ordinary wallets into smart contract powerhouses through account abstraction.
Ripple, along with several altcoins like SOL, DOGE, ADA, AVAX, LINK, TONCOIN, HBAR, and more, are charting gains between 2% and 5%.
Trump's tease about a major trade deal tomorrow has sparked excitement across the crypto world, leading to a surge in market activity.
Trump announced a groundbreaking new trade deal between the United States and the United Kingdom that includes significant reductions in tariffs on autos, steel, and aluminum.
The U.S.-U.K. trade deal might indirectly support cryptocurrency market growth or temper volatility by encouraging more stable economic outlooks.
Shifting trade tensions and American interests may persist, contributing to ongoing uncertainty and keeping the crypto market sensitive to geopolitical and economic shifts.

Cryptocurrencies BTC, ETH, XRP Rise following Donald Trump's Hint of Significant Trade Agreement