Stocks gain but Bitcoin remains flat after Japan trade deal
The largest-ever trade deal between the US and Japan boosted stock markets but failed to move Bitcoin or trigger altcoin season.
US President Donald Trump revealed a new trade agreement with Japan, described as ‘perhaps the largest deal ever made,’ involving $550 billion of Japanese investment in the United States.
The deal aims to boost trade in automobiles and agricultural goods, and is expected to create hundreds of thousands of jobs.
Following the announcement, major US stock indices saw modest gains, with the S&P 500, Nasdaq, and Dow rising by 0.26%, 0.09%, and 0.42% respectively. In contrast, Bitcoin fell by 0.55%.
Despite the positive stock market response, the wider cryptocurrency market declined, with the Coinmarketcap Altcoin Season Index dropping from 56 to 46. Expectations for an ‘altcoin season’—when most top tokens outperform Bitcoin over three months—may have been premature.
Bitcoin itself showed little movement, remaining below $120,000 and losing just under 1% over the past week.
Market metrics reveal that Bitcoin’s 24-hour trading volume dropped 11.5% to $67.28 billion, while its market cap declined by 0.78% to $2.35 trillion. Bitcoin dominance increased slightly to 61.57%.
Futures open interest decreased marginally, and total liquidations over 24 hours amounted to $51.23 million, with long positions accounting for the majority of liquidations.
Would you like to learn more about AI, tech and digital diplomacy? If so, ask our Diplo chatbot!