Bitcoin is back to its $88k price level, experiencing a surge of over 4.3% in just a single day. This marks the biggest jump in the cryptocurrency's price level since 'Liberation Day,' when Trump announced the imposition of tariff hikes on other nations. Other major crypto coins, including Ethereum and XRP, also witnessed a similar trajectory and rose by nearly 2.9% and 3.3%, respectively.
The sudden jump in the price levels of major cryptocurrencies also comes at a time when broader investor sentiment remains cautious. On Monday, the S&P 500 index plummeted over 125 points or more than 2.4% and was trading around the 5,154 level mark.
The tech-heavy index Nasdaq, saw a similar fall and plummeted over 440 points or 2.75% and was trading around 15,840 level mark. As for the Dow Jones Industrial Average, the index dropped over 900 points or 2.36%. While Trump's tariff play has already spooked the mood of the market, China's retaliatory steps have further downgraded the overall outlook.
The Dragon has issued a warning to all those nations trying to strike a trade deal with the US at its expense. “China firmly opposes any party reaching a deal at the expense of China’s interests. If this happens, China will not accept it and will resolutely take reciprocal countermeasures,” the Chinese Ministry of Commerce reportedly said. Meanwhile, the dollar index is also trading at a 3-year low.
Still far below its peak
While the price of Bitcoin might have witnessed a strong jump on Monday, the cryptocurrency is still far below its all-time-high level. Earlier this year, Bitcoin surged to $110k price mark as investor enthusiasm went sky-high. However, nearly all crypto coins went into a brief period of profit booking post that.
Bitcoin's price also went below the $77k price level just a few months back. As of now, the overall market cap of the cryptocurrency stands at $124 billion, with the sudden rise in trading volume. Meanwhile, the price of safe-haven asset Gold skyrocketed to $3,400 ounce on Monday
