“Is this the time for a bullish crypto market?”
The entire cryptocurrency market managed to see a rally as government bond yields fell sharply around the world following China's much weaker than expected trade figures for July 2023.
It was reported that China's imports in July experienced a 12.4% year-on-year decline while exports slipped 14.5%, which was much worse than estimates for a 12.4% decline.
Following such a decline not seen since the COVID-19 lockdown, Beijing may need to take additional measures to stimulate the Chinese economy.
While the 10-year Treasury yield of the United States (US) was reported to be lower at 3.98%, it should also be noted that last week it was at the highest level of 2023 at 4.20%.
According to Patrick Harker, the President of the Federal Reserve (Fed) of Philadelphia said that he is fine if the central bank does not raise any interest rates even though the idea of considering a rate cut is still far away.
The rise in digital asset prices also comes shortly after payments giant PayPal launched its own stablecoin called PayPal USD (PYUSD), so some observers remain bullish on the crypto market's long-term growth.
As of this writing, the price of BTC that broke through $30,200 has seen a slight decline at $29.839 but still posted a gain of 2.38% in the last 24 hours with a market cap of $580 billion.
Meanwhile, Ethereum (ETH) rose around 1.83% at $1,859 in the last 24 hours with a market capital of $223 billion and Ripple (XRP) gained 3.72% at $0.64 but slipped 8.63% over the last week.
