After three weeks of market volatility, the stock and bond markets rallied on the eve of US President Trump's inauguration, marking the biggest reversal in 18 months. Bit yesterday surged to $105,865, just a step away from the historical high of $108,353. Ether also reached a one-month high of $3,525 yesterday, but its gains are still disproportionate to Bit.
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ToggleTrump-Xi hotline, market bets on rising China ETFs
According to Bloomberg, Trump and Chinese President Xi Jinping discussed trade, TikTok and fentanyl issues in a pre-inauguration call on Friday, which could set the tone for the relationship between the world's two largest economies and major geopolitical rivals.
Trump wrote on his social media platform:
This call was very good for China and the United States. President Xi and I will do everything in our power to make the world more peaceful and safe!
China's state-run CCTV said that while Xi believes differences with the US are "inevitable", the two countries can cooperate as partners and friends. Xi also expressed hope that the US will handle the Taiwan issue prudently.
After the news broke, traders rushed to bet on rising China ETFs.
Stocks and bonds rally ahead of Trump's inauguration
With Trump's inauguration scheduled for next Monday (1/20), bullish bets on the stock market continue, and US stocks closed higher across the board on Friday (1/17). The Dow rose over 330 points, the S&P and Nasdaq gained more than 1%, and Tesla surged over 3%. Blockchain-related stocks also strengthened with the rise of Bit.
After three weeks of market volatility, this week's market has shown an optimistic sentiment of rising stocks and bonds, marking the biggest reversal in 18 months.
Bit surges to $105K
Bit surged to $105,865 yesterday, just a step away from the historical high of $108,353 set last December.
Ether also reached a one-month high of $3,525 yesterday, but its gains are still disproportionate to Bit. In a recent report, JPMorgan predicted that Bit will maintain its dominance over Ether and other cryptocurrencies by 2025.
(JPMorgan predicts: Bit's dominance will continue until 2025, citing eight reasons)
XRP continues to rise, with a weekly gain of 37%, due to US-related issues, regulatory easing, and stablecoin plans.
Risk Warning
Cryptocurrency investment is highly risky, and its price may fluctuate dramatically, and you may lose your entire principal. Please carefully evaluate the risks.
