Sunday Rally, Will It Last?
Following a challenging start to November in the markets, the Trump Administration announced Sunday morning a plan that has pushed bitcoin and related assets back into positive territory. The proposal involves a $2,000 payment to American citizens, excluding the wealthy, funded by the U.S. government.
Treasury Secretary Bessent noted that the exact form of this payment is still undecided and could potentially be delivered through the tax system. This stimulus initiative recalls the 2020 spring relief efforts and appears to have boosted confidence, with BTC rising above $105,000 at the time of writing.
Market indicators reflect optimism: funding rates for perpetual contracts have risen above a 10% annualized rate, and near-term futures show minimal contango. The White House's Sunday announcements have generally encouraged market gains, contrasting with more disruptive Friday afternoon tweets about tariffs or other issues.
For sustained momentum, the markets require several additional days of positive growth.
Performance Highlights
- Bitcoin (BTC) currently exceeds $105,000.
- Ethereum (ETH) outperformed BTC, rising over 5% and reclaiming the $3,500 level.
- Funding rates for perpetual contracts surpass 10% annualized.
- Front-month futures contracts exhibit slight contango.
Trump Administration announcement Sunday morning sent bitcoin and company into the green once again.
Treasury Secretary Bessent: "The payment form has not been determined yet, and could be seen in taxes possibly."
Author's summary: The Trump Administration's $2,000 stimulus plan sparked a strong market rebound, lifting bitcoin above $105K and boosting Ethereum beyond $3,500, signaling cautious optimism.