10x Research: Donald Trump’s Speech And Federal Reserve Policy Fuel Recent Market Optimism
In Brief
10x Research reports that Bitcoin is trading below its 7-day and 30-day moving averages, signaling a bearish trend, but surged past $86,000 after Donald Trump’s speech, the Fed’s policy shift, and MicroStrategy’s BTC purchase.
Organization specializing in digital asset research for wealth managers and cryptocurrency service providers, 10x Research shared cryptocurrency market insights in its latest analysis.
The research indicates that the BTC-USD pair is currently trading below both the 7-day and 30-day moving averages, signaling a bearish trend, although it showed a slight 1-week increase of +0.3%. Bitcoin surged past $86,000 following President Donald Trump’s highly anticipated speech at the Digital Asset Summit, which fueled speculation about a major cryptocurrency update and boosted market optimism.
Additionally, the report noted that the US Federal Reserve’s decision to slow the pace of “quantitative tightening” contributed to the positive momentum, benefiting risk assets like Bitcoin. MicroStrategy’s purchase of $10.7 million in Bitcoin further signaled strong corporate confidence, lending support to the price increase.
The research also highlighted that a leaked report revealing Russia’s use of cryptocurrency to bypass sanctions with China and India added to the bullish sentiment in the market.
Bitcoin Drops To $84,000, Crypto Market Sees Decline In Capitalization And Trading Volume
At the time of writing, Bitcoin is trading at $84,119, reflecting a decline of 2.03% over the past 24 hours. During this period, Bitcoin reached a high of $86,444 and a low of $83,709. The cryptocurrency’s market capitalization has also decreased by 1.92%, now standing at $1.67 trillion. Bitcoin‘s market dominance remains at 60.61%, showing no significant change from the previous day.
Meanwhile, the total global cryptocurrency market capitalization is currently $2.75 trillion, marking a 2.08% decline over the last 24 hours. The overall trading volume in the cryptocurrency market has dropped by 27.73% in the same period, totaling $75.71 billion, according to data from CoinMarketCap.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
