The crypto market is showing strength currently, and Dow futures have cumulated 100 points.
The momentum indicates a brewing bull crypto market for altcoins, in which Ethereum is currently leading. Following the agreement to restore a truce between the US and Chinese officials, the crypto market saw a rise. The agreement was made after discussions in London in the last two days. Both countries finally agreed to enter the Pre-Liberation status quo. After this deal, the price of Bitcoin once again hovered around $110k, and altcoins also witnessed a positive reaction, with Ethereum seeing a $3,000 breakout.
Howard Lutnick, the Commerce Secretary in the United States, mentioned that they would initiate implementing the framework after the President of both countries gives their approval. The crypto market is showing strength currently, and Dow futures have cumulated 100 points. On June 11, in the pre-trading market, the stock of Tesla was also up 2.3%. As the discussions between the leading countries started on Monday, the market skyrocketed and Bitcoin hovered around the $110 mark, looking to create a fresh all-time high.
The Key Areas of the Deal
Ethereum also showed a positive response, being 5.5% up in the past 24 hours. It is trading at $2,772 and seeking to touch the $3,000 mark. If the price continues to go up, then the overall market cap, excluding BTC, could go from $857 billion to $1.7 trillion. The DeFi coins are also witnessing double-digit returns, indicating a strong resurgence in decentralized finance activity. The momentum indicates a brewing bull crypto market for altcoins, in which Ethereum is currently leading.
After the end of the meetings, the commerce secretary said that First we had to get sort of the negativity out, and now we can proceed. The Vice Minister of Commerce and International Trade Representative publicized that both sides have agreed on the principle of a framework to implement the consensus.
As per the negotiations, the prime areas included were – China lifted its limitations on rare earth exports, the US agreed to relax some export bans, and both Presidents agreed to review the framework.
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