<\/p>\n
Bitcoin and most altcoins, including popular names like Dogecoin, Shiba Inu Coin, and XRP, were in the green today, February 20, as investors bought the dip after some key catalysts.<\/p>\n
<\/p>\n
Bitcoin (BTC) jumped to $68,000, while Dogecoin (DOGE), Shiba Inu Coin (SHIB), and Ripple (XRP) rose by over 4%. The market capitalization of all tokens rose by 2.2% to over $2.3 trillion.<\/p>\n
The main reason why altcoins like DOGE, SHIB, and XRP rose is that the Supreme Court ruled against President Donald Trump\u2019s tariffs.<\/p>\n
In theory, the ruling will have a positive impact on the US economy by lowering inflation. Such a move raises the possibility that the Federal Reserve will cut interest rates, especially now that the recent data showed that the headline Consumer Price Index dropped in January.<\/p>\n
In reality, however, the decision will not have a major impact as Trump has some backup strategies that he will use to implement tariffs on key countries like China, India, and those in the European Union.\u00a0<\/p>\n
Bitcoin and other altcoins rose after the US published a weak GDP report. According to the Bureau of Economic Analysis, the economy expanded by 1.4% in the fourth quarter, badly missing the expected 3%.\u00a0<\/p>\n
The economic growth was much lower than the 4.4% experienced in the third quarter. This slowdown was mostly because of the prolonged government shutdown that happened during the quarter.<\/p>\n
The weak economic report is bullish for cryptocurrencies because it raises the possibility that the Fed will cut interest rates later this year.<\/p>\n
Bitcoin and most altcoins also rose after Donald Trump gave Iranian leaders more time to reach a nuclear deal with the United States. He gave them 15 days, meaning that an attack may not happen during the weekend as some analysts were expecting.<\/p>\n
Still, most analysts believe that he will ultimately attack the country later this year, a move that will lead to lower crypto prices. As such, there is a risk that the ongoing rebound is a dead-cat bounce, a situation where assets rise briefly and then resume the downtrend.<\/p>\n
<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"
Bitcoin and most altcoins, including popular names like Dogecoin, Shiba Inu Coin, and XRP, were in the green today, February 20, as investors bought the dip after some key catalysts.…<\/p>\n","protected":false},"author":1,"featured_media":11608,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-22454","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency"],"_links":{"self":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/22454","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/comments?post=22454"}],"version-history":[{"count":1,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/22454\/revisions"}],"predecessor-version":[{"id":22455,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/22454\/revisions\/22455"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media\/11608"}],"wp:attachment":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media?parent=22454"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/categories?post=22454"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/tags?post=22454"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}