Why is the crypto market up today?
- Bitcoin broke above $93,000 for the first time since March, with altcoins Ethereum, XRP and Solana gaining 11%, 5% and 6%, respectively.
- The rally has sparked increased liquidations, with short traders suffering losses of over $500 million in the past 24 hours.
- The major US stock indexes saw gains of over 2.5% across the board.
- The rally stems from optimism surrounding Treasury Secretary Scott Bessent’s statement that he expectsUS and China to reach a trade deal soon.
Bitcoin (BTC) rallied above $93,000 on Tuesday alongside the broader financial market following Treasury Secretary Scott Bessent’s statement at a closed-door meeting that the trade feud between the US and China is unsustainable.
