Bitcoin and Altcoins Recover as Trump Delays EU Tariff Decision
Bitcoin and the crypto market have rebounded following US President Donald Trump‘s decision to delay a proposed 50% tariff on EU imports until July 9. Key developments include:
- Bitcoin price rose by 2%, surpassing $110K.
- Altcoins like Ethereum, Solana, Dogecoin, and Cardano increased by 3-4%.
- The initial tariff announcement caused Bitcoin to peak at $111,970 before facing selling pressure.
- Over $500 million in long liquidations occurred during the downturn.
- Market sentiment improved with the tariff extension, leading traders to cautiously accumulate assets again.
Analysts note a significant cluster of short positions above the current Bitcoin price, indicating a potential liquidation squeeze if prices rise further.
Altcoins are regaining attention, with Ethereum bouncing back 3.5% to $2,580, needing to breach $2,700 for a confirmed uptrend. Notably, Hypeliquid (HYPE) has surged to $40, achieving a new all-time high.