Bitcoin soars on Trump comments, futures market clearing

Trump: "China Tariffs Will Significantly Decrease"
"Powell Will Not Be Fired... Interest Rates Should Be Lowered"
Coins Surge... Short Betting Liquidation Reaches 858 Billion Won
Experts: "BTC Has Entered Bull Market"

The cryptocurrency market, including Bitcoin (BTC), surged on the 23rd due to Trump's comments and large-scale liquidation in the futures market.

President Trump made comments about easing trade tensions and resolving conflicts with the Federal Reserve Chairman.

During a White House office speech on the 22nd, Trump commented on tariffs on China, saying they would "significantly decrease but not reach 0%". As Trump, who had previously predicted a 145% tariff, showed a very moderate stance, the asset market turned bullish.

Trump also stated regarding his relationship with Federal Reserve Chairman Jerome Powell, "I have no intention of firing him" and "I hope he becomes more proactive about interest rate reduction ideas".

As Trump left comments resolving previous conflicts, multiple cryptocurrencies, including Bitcoin, surged. The surge in the cryptocurrency market triggered additional price increases as numerous short bets in the futures market were liquidated.

According to cryptocurrency media Coinpedia, cryptocurrency futures market liquidation reached approximately $610 million (about 858 billion won) on the 23rd. The largest liquidation was Ethereum (ETH) short bet liquidation on Binance, amounting to about $4.3 million.

On the 23rd, Bitcoin maintained around $93,000, and many cryptocurrencies recorded over 10% growth.

◇Bitcoin = The Bitcoin price on Upbit at 4 PM on the 23rd was 134,060,000 won. Bitcoin's dominance was 64.37%.

According to on-chain analysis platform Sigbit, the Bitcoin futures market's long and short betting ratios were 37.90% and 62.10%, respectively.

As Bitcoin broke through $93,000, many experts predicted that Bitcoin has entered a bullish rally.

Bitcoin trader Michael Sullivan posted on X on the 23rd, "Current Bitcoin is showing the most surprising performance in 1-minute candles".

Anonymous cryptocurrency trader Crypto General pointed out on X, "Bitcoin is showing a typical bullish rally pattern and has broken through key resistance points today".

Cryptocurrency commentator 'Ted' also forecast on his X account, "Bitcoin will catch up with gold" and "Bitcoin will now challenge $100,000".

◇Rising Coins = At 4 PM on the 23rd on Upbit, Immutable X (IMX) recorded the largest increase, rising about 14%.

Immutable X is a Layer 2 solution based on the Ethereum network, specialized in Non-Fungible Token (NFT) issuance and trading.

It provides various APIs and developer tools for NFTs and Web 3.0 games. Immutable X's utility and governance token, IMX, is used to pay fees in the Immutable X ecosystem, and IMX holders can receive rewards through staking and participate in governance.

◇Fear and Greed Index = The digital asset Fear-Greed Index provided by Alternative is 72 points, entering the 'Greed' stage. The greed stage is a period with increased price volatility and trading volume, indicating a price increase. There is a high possibility of short-term peak formation, so selling should be approached cautiously.

The Relative Strength Index (RSI) provided by Sigbit is 83.4, recording an 'overbought' state. RSI measures the relative strength between an asset's upward and downward pressure, indicating overbought and oversold scales for a specific asset.

Reporter Seung-won Kwon ksw@blockstreet.co.kr