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The Bitcoin price climbs above $106,000 again. Last week’s extreme pessimism seems to have largely dissipated already. Why the entire crypto market is already in the green thanks to US President Donald Trump.
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Bitcoin Price Rises above $106,000 USD: Crypto Gains
The Bitcoin price climbs above $106,000 again. In the daily trend, the largest cryptocurrency is up 3.43%, but the weekly trend still shows losses of -1.41%.
- Bitcoin
(BTC) - Price $87,528.00
- Market Cap
$1.75 T
Just last week, BTC repeatedly fell below the important $100,000 threshold and set regional lows of up to $99,000. FED Chairman Jerome Powell is considered the most important factor for these price losses and the associated negative sentiment. The central banker had publicly expressed his rejection of a further cut in the US key interest rate in December.
Besides Bitcoin, almost all other major cryptocurrencies also suffered losses. Due to recent developments, only Internet Computer (ICP) and Privacy Coins recorded price gains. The release of ICP’s AI Caffeine caused euphoria, while Privacy Coins benefit from a general trend towards confidentiality.
After last week’s losses, the crypto market is now seeing a recovery. The entire market is already up 4.25% in the daily trend, reaching $3.60 trillion.
By editorial deadline, nine cryptocurrencies among the CMC100 had already managed to achieve double-digit percentage gains in the daily trend. Starknet (STRK) and World Liberty Financial (WLFI) are even experiencing gains of more than 30% over the last 24 hours.
US President Wants to Pay Tariff Dividend to Citizens
US President Donald Trump recently brought up the possibility of a so-called tariff dividend. The 79-year-old plans to pay every US citizen $2,000. The money is to come from the revenue generated by tariffs that the authorities collect under Trump.
Trump is considered a proponent of tariff policy. Since the beginning of his second term in January, he has often pursued his political goals by establishing high import tariffs. He thus succeeded in concluding new trade agreements with Mexico, Canada, the EU, most recently China, and numerous other trading partners.
Previously, Trump argued, the conditions had been unilaterally to the disadvantage of the USA. However, the politician also receives criticism for this approach, because the direct consequences of high tariffs are usually higher prices. The US President wants to prove with this that he is willing to pass on the increased revenues of the state apparatus to the residents.
“People who are against tariffs are FOOLS! We are now the richest and most respected country on Earth – without inflation and with stock market records. (…) A dividend of at least $2,000 per person will be paid to everyone (except high earners),” Trump wrote on Truth Social.
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With this statement, he apparently brought back memories of a time a few years ago. In 2020, Trump initiated comprehensive economic aid with the CARES Act at the beginning of the economic crisis surrounding Covid. $2.2 trillion was paid out.
US citizens suddenly received money, which apparently often ended up in the crypto market. The same development could soon repeat itself thanks to the new tariff dividend. In eager anticipation of imminent price gains, the crypto market is already rising.
On November 1, the USA and China announced a trade agreement. The tariff conflict, which hung like a huge sword of Damocles over the crypto market, thus ends. According to the Fear & Greed Index, sentiment is still characterized by fear, but is already noticeably improving. Today it stands at 29 out of 100 points; yesterday the index still rated the situation at 24 points.
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