Bitcoin finds its footing as expected US-China tariff truce cools market panic
The growing optimism surrounding a potential trade deal is the main catalyst for the recovery in investor sentiment ahead of Thursday’s tariff meeting, industry watchers told Cointelegraph.
Cryptocurrency markets have staged a recovery after a record $19 billion liquidation event, buoyed by signs of a temporary ceasefire in the US-China trade war.
Bitcoin (BTC) briefly recovered above a two-week high of $116,400 on Monday, driven by investor expectations of two significant macroeconomic catalysts this week: the incoming Federal Open Market Committee’s (FOMC) interest rate decision on Wednesday and a potential trade deal between the US and China, which could come as soon as Thursday.
Crypto investor sentiment staged a recovery Monday from “fear” to “neutral” territory after reports emerged that the US and China had reached a “preliminary” framework for an import tariff deal.