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Highlights
- According to Reuters, China has waived its 125% tariffs on US Ethane imports.
- This moves comes just days after the country exempted some other US goods including pharmaceuticals.
- This provides a bullish outlook for the crypto market.
In a massive development in the ongoing trade war, China has decided to remove its 125% tariffs on US Ethane imports, sparking optimism that China and the US could soon reach an agreement. This is undoubtedly bullish for the crypto market, given the negative impact the trade war has had on the market so far.
Crypto Market Receives Boost As China Waives Tariffs On US Ethane Imports
The crypto eyes another leg to the upside following China’s decision to waive tariffs on US Ethane imports. The Reuters report cited two sources familiar with the matter, with the country excluding these goods from the 125% it imposed on US imports earlier this month.
This move comes just days after China exempted some US goods, including chemicals, vaccines, and jet engines, from the 125% tax on US imports. This recent waiver again provides optimism that China and the US could soon reach an agreement to settle this trade war, which has already destabilized the markets.
It is worth mentioning that the Bitcoin price and other altcoins rallied following China’s move to exempt some US goods from the tariffs last week. As such, the crypto market could again witness another rally following this latest waiver from the Asian country.
Crypto analyst Titan of Crypto recently suggested that another massive rally is on the horizon for BTC and the broader crypto market by extension. In an X post, he raised the possibility of the flagship crypto rallying to as high as $150,000 on this move.
In another post, he stated that the key level to watch now is the previous monthly high, around $95,040. The analyst remarked that BTC looks short-term bullish, but it needs a daily close above this level to confirm further upside.
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