Top 3 gainers NEO, Plume and Story: NEO surges despite Trump's tariff firestorm as investors succumb to extreme fear
Cryptocurrencies are enduring progressive market carnage from the United States (US) President Donald Trump administration's incessant tariffs on its trade partners, with some selected altcoins like NEO, Plume and Story (IP) leading the bullish brigade on Wednesday. NEO hovers at $5.4 at the time of writing on Wednesday, following a 12% increase in the last 24 hours. Plume and Story surged in tandem, weathering the previous day's pullback, which saw Bitcoin (BTC) drop to $76,198 from highs of $80,823.
BTC, ETH could flush to next support levels post-FOMC meeting minutes
Risky assets are trying to mount a short covering rebound in the Wednesday Asia afternoon (going into the London open) ahead of today’s highly anticipated FOMC at 2pm EST. Anticipation is growing for an emergency Fed rate cut along with positive developments over US trading partners coming to an agreement with the Trump administration on lifting their tariffs and trade barriers. US earnings releasing this week meanwhile are playing second fiddle to the global macro, geopolitical backdrop, with the Russia-Ukraine conflict further complicated by yesterday’s revelation that Chinese POWs have been captured (which suggests a potential widening of the war as opposed to a hopes for a ceasefire and peace treaty this year). Returning to tariffs, China’s countermeasures in response to the US’ escalation have weighed on market sentiment, with expectations growing for a currency war as depreciation pressures weigh on the Yuan, which could lead other Asian regional exporters to following suit in weakening their currencies.
The crypto market has returned to this week's lows
Crypto market capitalisation declined more than 2% in 24 hours to $2.46 trillion. As was the case at the beginning of the week, the intraday dip below $2.40 trillion attracted buyers. As is often the case, an important resistance level became support. From around these levels, we saw the start of the rally after Trump's election, and now the fightback is intensifying again, as seen in the increased trading volumes.
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