U.S. President Donald Trump called it “the largest trade deal in history,” but Tuesday’s agreement with Japan didn’t elicit a reaction from the dominant cryptocurrency.
Bitcoin Stalls But Stocks Jump After Trump’s Japan Deal
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Stocks Edge Higher on Japan News; Bitcoin Stagnates
U.S. President Donald Trump announced late Tuesday what he says is “perhaps the largest deal ever made,” a trade agreement with Japan that will see the East Asian country invest $550 billion in the U.S. The deal will also facilitate the trade of automobiles and agricultural products between the two countries. Stock markets climbed higher on the news, with the S&P 500, Nasdaq, and Dow all rising 0.26%, 0.09%, and 0.42% respectively. Conversely, bitcoin ( BTC) shed 0.55%.
“We just completed a massive Deal with Japan, perhaps the largest Deal ever made,” the president wrote on Truth Social. “Japan will invest, at my direction, $550 Billion Dollars into the United States, which will receive 90% of the Profits.” Trump went on to say the agreement will “create Hundreds of Thousands of Jobs,” and that “There has never been anything like it.”
And while bitcoin edged lower, the broader crypto market fared worse, dropping 1.20% and sending the Coinmarketcap Altcoin Season Index all the way down to 46. The index peaked at 56 on Monday, causing some to prematurely declare the beginning of “ altcoin season” where, according to Coinmarketcap, 75% of the top 100 tokens outperform bitcoin over a three-month stretch.
But now with the index at 46, it seems even a significant trade agreement between two of the largest economies in the world, while buoying stocks, wasn’t enough to make bitcoin budge.
Overview of Market Metrics
Bitcoin, at the time of writing, was priced at $118,203.22, down 0.77% over 24 hours and also down 0.88% since last week. The asset has traded between $117,391.39 and $120,269.97 since yesterday.
Twenty-four-hour trading volume fell 11.52% to $67.28 billion, and BTC’s market capitalization also dipped 0.78% to $2.35 trillion. Bitcoin dominance jumped 1.10% and stood at 61.57% at the time of reporting.
Total BTC futures open interest for the day fell slightly by 0.05% to $85.02 billion, as per Coinglass. Total bitcoin liquidations over 24 hours came in at $51.23 million. Of that figure, shorts had $16.57 million wiped out, and the rest were long liquidations at $34.66 million.
