Dex-Trade News Digest: Crypto Market Rebounds and Political Developments

Bitcoin and Ether Up 3% as Traders Capitalize on Lower Prices

Both Bitcoin and Ether rebounded modestly on Tuesday, rising about 3%, from a major decline triggered by broader market jitters. Bitcoin was changing hands at about $55,609, while Ether was at $2,494. Despite these gains, both were down significantly over the past week—17% for the former and 25% for the latter.

 

Analysts say the latest jump is due to people taking advantage of lower prices, but sentiment remains cautious. The rebound comes on the back of a sharp sell-off of risk assets that included cryptocurrencies, as these were variously hit by global economic factors.

 

The sell-off was further accelerated by the Bank of Japan's recent hike, the largest since 2008, which resulted in massive unwinding of the Yen carry trade and took its toll on global liquidity. Also, the US jobs report was weaker than expected, introducing fresh fear of a possible recession in the US and affecting the stability of the markets once again.

 

Donald Trump Wants US to Develop Crypto and Stay Ahead of China

Speaking during the livestream, presidential frontrunner Donald Trump said it was relevant for the US to build its crypto industry lest it risks being made obsolete by China. He expressed disgust at the US government selling 29,800 Bitcoin recently, and exclaimed that the industry should be developed.

 

Drawing an analogy between the future of crypto technology and artificial intelligence, Trump said that if the US doesn't develop in these sectors, China and others will. He even went as far as to say that, at worst, the US could adopt Bitcoin to help alleviate its more than $35 trillion national debt.

In this campaign, Trump has been touting as a pro-crypto candidate, pushing proposals to onboard crypto into government reserves and fire SEC Chair Gary Gensler—something that the crypto community particularly loves to hate.

 

Market Reactions and Political Implications

With the recent turmoil in the markets and Trump's warm attitude toward crypto, it is documentedly obvious how changing economic conditions and political scenarios will continue to don the wings of change for the future of cryptocurrencies. But with all this turmoil in the background, investors never forget to give a special focus toward crypto's broader acceptance and integration into mainstream financial strategies. 

Stay tuned to Dex-Trade for more updates and in-depth analysis related to the latest trends and news in the world of cryptocurrency.