US-China High-Level Trade Negotiations Begin...Resuming Talks After a Month
Trump "Receiving Good Reports"...Easing Tension in Asset Markets
BTC, Large-Scale Liquidation of Short Bets in Futures Market Amid Rapid Surge
Altcoins Surge Following BTC's Rise...Showing Over 30% Increase
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The United States and China began high-level trade negotiations in London on the 10th. This is the second round of negotiations following the talks in Geneva last May.
Regarding the negotiations, US President Donald Trump left a comment saying, "I am receiving good reports from the US negotiation team." Kevin Hassett, chairman of the White House National Economic Council (NEC), revealed that "they are discussing ways for China to resume rare earth exports to the US and expand China's access to US semiconductors."
As news spread that the key players in the global tariff war, the US and China, have resumed negotiations, asset markets rebounded, and the cryptocurrency market, which had been stagnant, surged.
Bitcoin surged by over 4% with morning buying pressure, breaking through $110,000 for the first time in three weeks. With Bitcoin's surge, altcoins that had recently experienced significant declines rose even more sharply, with low-cap 'lighter' altcoins surging by around 30%.
Bitcoin's surge appears to be driven by large-scale liquidation of short bets accumulated in the futures market. According to data released by cryptocurrency trader Kass Abbott on the 8th, short bets in the Bitcoin futures market recorded approximately $9.58 billion (about 13.05 trillion won). Abbott noted, "A significant change in Bitcoin is expected, and Bitcoin has the potential to rise above $109,000 to $110,000."
On-chain analysis platform 10x Research stated in its report on the 10th, "The market situation is developing completely differently from expectations in recent weeks. While many expected price declines, it actually appears to be hitting bottom and showing signs of rising again, with a strong signal that prices could rise significantly as more people suddenly want to buy directly."
Reporter Seung-won Kwon ksw@blockstreet.co.kr
