- According to CoinMarketCap data, the apex cryptocurrency was trading at $108,071.84 at the time of writing; Ethereum slipped 0.9% to $3,855.69, and XRP fell 1.1% to $2.40.
- Gold prices rose 0.7% in early trading on Wednesday, while global equities declined.
- According to SoSoValue data, spot Bitcoin ETFs logged inflows of $477.2 million on Tuesday, while Ethereum ETFs recorded inflows of $141.7 million.
Bitcoin held firm around the $108,000 mark on Wednesday, amid a pullback in global stocks, after uncertainty around a trade deal between the U.S. and China mounted amid gold’s gains.
According to CoinMarketCap data, the apex cryptocurrency was trading at $108,071.84 at the time of writing, Ethereum slipped 0.9% to $3,855.69, and XRP fell 1.1% to $2.40. Among other tokens, BNB was down 0.3%, Dogecoin and Cardano fell 1.3% each.
Trump Raises Concerns About US-China Trade Deal
This week’s gains in digital assets were fueled by higher chances of a trade deal between the U.S. and China following U.S. President Donald Trump’s statement that he expected to reach a fair trade deal with Chinese President Xi Jinping, while also downplaying concerns over differences in their views on Taiwan.
According to SoSoValue data, spot Bitcoin ETFs logged inflows of $477.2 million on Tuesday, while Ethereum ETFs recorded inflows of $141.7 million. The investor flows came amid a 5% pullback in gold prices as investors rebalanced their portfolios, as per analysts.
However, on Tuesday, Trump sounded cautious over a trade deal with China. “I think we’re going to have a very successful meeting. Certainly, there are a lot of people that are waiting for it,” Trump said about his upcoming meeting with Xi in South Korea. “Maybe it won’t happen. Things can happen where, for instance, maybe somebody will say, ‘I don’t want to meet. It’s too nasty’. But it’s really not nasty.”
Gold prices rose 0.7% in early trading on Wednesday, while global equities declined, also hurt by profit-taking by investors.
What Is Retail Thinking?
Retail sentiment on Stocktwits about Bitcoin was in the ‘neutral’ territory at the time of writing.
One retail trader noted that Bitcoin’s relative strength index, a key valuation gauge, was nearing oversold territory, suggesting a potential rise could be on the horizon despite the pullback.
Tether Notches 500M Users
U.S. dollar-pegged stablecoin Tether users soared to 500 million on Tuesday. The company said that the number represents “real people,” not just Tether (USDT) wallets, suggesting its stablecoin has now been adopted by around 6.25% of the world’s population.
Last month, the company revealed that it was in discussions with investors to raise up to $20 billion, at a reported valuation of about $500 billion, which could make it one of the world’s most valuable private companies.
For updates and corrections, email newsroom[at]stocktwits[dot]com.<