On the morning of May 12, the bitcoin (BTC) exchange rate rose sharply and approached the $106 thousand mark, this happened for the first time since the end of January. On the Binance exchange, the asset price reached $105.8 thousand. A little more than 3% remains to the historical maximum recorded on January 20 at about $ 109 thousand.
On May 12, BTC is trading around the $104.4 thousand mark. During the day, the asset went up by 1%.
The rise in the price of bitcoin began after US Treasury Secretary Scott Bessent and Chinese Commerce Minister Li Chenyan announced that the parties had reached an agreement on trade duties. Beijing will reduce tariffs from 125% to 10%, and Washington from 145% to 30%. Both countries have reduced duties by 115%.
Ethereum (ETH) has also shown an increase of 4.3% over the past 24 hours. As of May 12, it is trading at about $2.55 thousand. Since May 8, the leading altcoin has risen in price by more than 40%, from $1.8 thousand to $2.6 thousand — ETH has reached this mark today for the first time since February 24.
Other cryptocurrencies from the top 10 by capitalization also showed growth. Dogecoin (DOGE) rose in price by 7% per day, Cardano (ADA) — by 5%, XRP (XRP) from Ripple — by 3%.
The total capitalization of the crypto market is $3.39 trillion, according to Coinmarketcap. During the day, it increased by 2.5%.
Of the top 100 cryptocurrencies by capitalization over the past 24 hours, the Pi (PI) token has seen the greatest growth, rising in price by 70%. At the same time, the prices of stablecoins pegged to the gold exchange rate have fallen. Following the underlying asset, PAX Gold (PACK) and Tether Gold (XAU) tokens fell by about 3%.
Against the background of changes in exchange rates, crypto exchanges have liquidated the positions of 143,000 traders over the past 24 hours, totaling about $383 million, according to Coinglass.
For the most part, losses were incurred by those who bet on a drop in the exchange rates of cryptocurrencies. Long positions were closed by almost $167 million, short positions — by $216 million.
The index of fear and greed in the crypto market is in the greed zone at around 70 points out of 100. This suggests that market participants are increasingly inclined to buy cryptocurrencies, abandoning concerns caused earlier by uncertainty regarding disputes over duties.
At the same time, experts warn that in the coming week, special attention should be paid to US inflation data, which will be published on May 13.
These data may influence the Fed's decisions regarding interest rates at the June meeting, changes in which, in turn, have an impact on the crypto market.
