Well, I say, old bean, it appears that the financial cosmos has decided to don its dancing shoes once again! Bitcoin and its merry band of altcoin chums-those rascals Dogecoin, Shiba Inu Coin, and XRP-were all looking as perky as a spaniel with a new bone today, February 20. The chaps in the City have been buying the dip like it’s going out of fashion, all thanks to a few rather spiffing catalysts.
- Bitcoin and its altcoin pals were up on Friday, with the market capitalization of these digital doodads soaring to a staggering $2.3 trillion. Enough to make even the wealthiest toff raise an eyebrow!
- The rally, you see, came hot on the heels of the Supreme Court giving old Donald Trump’s tariffs the heave-ho. Jolly good show, what?
- And then, as if that weren’t enough, the latest US GDP report showed the economy slowing down in Q4. Rather like a chap who’s had one too many at the club and decides to call it a night.
Bitcoin, that old stalwart, leapt to $68,000, while Dogecoin, Shiba Inu Coin, and XRP all bounded up by over 4%. The market capitalization of these digital treasures rose by 2.2%, topping $2.3 trillion. Enough to make a fellow wonder if he’s accidentally stumbled into a financial wonderland!
Dogecoin, Shiba Inu Coin, and XRP: The Supreme Court’s Unlikely Heroes
Now, the real humdinger of the day was the Supreme Court’s ruling against Trump’s tariffs. Apparently, this is supposed to lower inflation, which, in theory, means the Federal Reserve might cut interest rates. Rather like a chap deciding to loosen his belt after a hearty lunch. Mind you, old Trump’s got a few tricks up his sleeve, so don’t go betting the family silver just yet.
Weak GDP Data: A Blessing in Disguise for Crypto Chaps
Then there was the US GDP report, which showed the economy expanding by a mere 1.4% in the fourth quarter. Rather a far cry from the expected 3%, what? The slowdown, it seems, was due to that pesky government shutdown. Still, the crypto crowd saw this as a jolly good reason to celebrate, as it increases the odds of the Fed cutting rates later in the year.
Trump and Iran: A Temporary Reprieve for Crypto
And let’s not forget old Trump giving Iran a bit more time to sort out their nuclear deal. Fifteen days, to be precise. This, of course, means no weekend fireworks, much to the relief of the markets. Though, between you and me, most chaps think he’ll still have a go at them later in the year, which could send crypto prices tumbling like a house of cards. So, one might say this rally is a bit of a dead-cat bounce-a brief flutter before the inevitable descent.
Still, for now, the crypto world is all smiles and sunshine. Let’s just hope it doesn’t turn into a spot of bother down the line. Cheerio!
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2026-02-20 21:10