Bitcoin and other cryptocurrencies kicked off the week on a high note, buoyed by a U.S.-European Union trade deal that eased global economic uncertainties.
Market Movements
- Bitcoin (BTCUSD) saw a 0.6% increase, reaching $118,823, according to CoinDesk data.
- Ether (ETHUSD) rose 1.5%, while XRP (XRPUSD) gained 1.4%.
- Solana (SOLUSD) outperformed with a 3.8% jump.
What's Driving the Rally?
The U.S.-EU trade deal, announced by President Donald Trump, set a baseline 15% tariff on European goods, boosting traders' risk appetite. This comes as Bitcoin hit a record high of nearly $123,000 earlier this month.
Regulatory Clarity Boosts Confidence
Recent legislation aimed at providing regulatory clarity for cryptocurrencies in the U.S. has also fueled the rally. The Genius Act, regulating stablecoins, and the Clarity Act, addressing crypto asset classification, are seen as positive steps toward institutional investment.
Crypto-Related Stocks Gain
- MicroStrategy (MSTR), the largest corporate holder of Bitcoin, surged 2.7% in premarket trading.
- Coinbase Global (COIN) and Robinhood Markets (HOOD) also saw gains, up 1% and 2.3%, respectively.
Analysts at Cantor raised their price target on MicroStrategy to $680, citing potential for $20 billion annual Bitcoin purchases.
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