Cryptocurrency Market Reacts to Global Trade Developments

In a dramatic response to escalating trade tensions between China and the United States, the cryptocurrency market witnessed significant gains. China's decision to increase retaliatory tariffs on U.S. goods to 125% has sparked concerns over the global economy's stability, driving investors towards digital currencies.

Legislative Support Boosts Crypto Confidence

Adding to the bullish sentiment, a New York lawmaker's proposal to allow state agencies to accept cryptocurrencies as payment has further energized the market. This legislative move underscores the growing acceptance of digital currencies in mainstream financial systems.

Bitcoin and Ethereum Lead the Charge

At 2:06 pm ET, Bitcoin experienced a 5.79% surge, reaching $84,144.401, while Ethereum followed closely with a 3.61% increase to $1,576.5540 by 2:07 pm ET. These movements highlight the volatile yet lucrative nature of cryptocurrency investments in times of global economic uncertainty.