The tariff negotiations between the US and China, whose initial deadlines were approaching, have been extended. This may have a significant impact on the cryptocurrency market.
Positive Impact on Cryptocurrencies
The tariff discussions between the US and China, originally set to conclude on August 12, have now been extended for another three months until November 12. This news is seen as positive for cryptocurrencies, as the price of Bitcoin (BTC) surged to a daily high of $118,571. It indicates that the US administration aims to avoid destabilizing the economy.
China's Stance and Market Expectations
China has expressed readiness to consider the removal of all tariffs and may tolerate a 10% base tariff. Niklas Swanstrom, Director of the Stockholm Institute for Security and Development, stated that while the outcomes remain uncertain, there is hope for at least a symbolic agreement.
Conclusion and Possible Consequences
Ethereum (ETH) is maintaining a price of $3,800, while BNB is finding buyers near the $800 mark, close to its all-time high. Changes are expected to impact the market, especially if an agreement in the European Union is announced.
The extension of US-China tariff negotiations creates uncertainty in the market but benefits cryptocurrencies by helping to maintain their stability.
