Bitcoin Rises Above $83,000 as US-China Tariff Deal Hope Fuels Market Recovery

Following a period of significant decline, the cryptocurrency market has experienced a dramatic resurgence. Over the past 12 hours, nearly $250 billion in assets have returned to crypto markets, driven by the easing of trade tensions between the US and China as a result of the president’s recent actions on tariffs. This has resulted in a 6% daily gain, re-establishing Bitcoin’s market capitalization at $2.7 trillion. The price of Bitcoin has surged more than 8% over the past 24 hours, hitting an intraday high of $83,425 on Wednesday before cooling off on Thursday morning. It now rests in its month-long range-bound zone around $80,000.