A crypto analyst said the crypto market crash earlier this month will be looked back on as one of the “bottom days in hindsight.”
A widely used crypto market sentiment indicator has remained in uncertain territory despite improved clarity on trade relations between US and China, following US President Donald Trump’s announcement of a trade deal this week.
However, some crypto analysts suggest the announcement could soon have a positive impact on the crypto market.
The Crypto Fear & Greed Index, which measures overall crypto market sentiment, posted a “Fear” score of 37 on Sunday, up 4 points from its “Fear” score of 33 on Saturday. The slight uptick comes as the White House released a comprehensive statement outlining the trade agreement reached between Trump and Chinese President Xi Jinping.
“A massive victory that safeguards US economic strength and national security while putting American workers, farmers, and families first,” The White House said in a statement on Saturday.
Developments between US and China trade have been closely watched by many in the crypto industry, as announcements of tariffs since the start of the Trump administration in January have often been linked to significant movements in the crypto market.
After Trump announced a 90-day suspension of reciprocal tariffs on April 9, the Crypto Fear & Greed Index score surged over the next 24 hours, climbing from “Extreme Fear” score of 18 to a “Fear” score of 39 the following day.
Most recently, Trump’s threat of 100% tariffs against China was blamed for the recent crypto market crash, which saw $19 billion liquidated over just 24 hours on Oct. 11.
The crypto market has struggled to recover since then. In an X post on Saturday, Michael van de Poppe, founder of MN Trading Capital, said that the day would be looked back on as one of the “bottom days in hindsight.”
“That’s why we’re currently still at an early stage of the bull cycle on Altcoins and Bitcoin,” van de Poppe said.
The White House said the US will maintain its suspension of “heightened reciprocal tariffs on Chinese imports” until Nov. 10, 2026.
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Crypto trader Ash Crypto said, “This certainty is Bullish for markets.” Echoing a similar sentiment, crypto trader 0xNobler said it was “GIGA BULLISH NEWS.”
The recent trade deal has yet to show any noticeable impact on the crypto market. Bitcoin (BTC) is trading at $110,354 and Ether (ETH) at $3,895, up 0.26% and 0.84% respectively over the past 24 hours, according to CoinMarketCap.
