Bitcoin Surges 10% to Over $90,000 Amid Positive Trade Negotiations
Bitcoin (BTC) surged 10% over the past week, staying above $90,000 since Tuesday. This rise follows President Trump's softened stance towards the Federal Reserve and positive trade negotiations with China.
Bitcoin And Major Altcoins Rally
- Bitcoin peaked at $94,000 on Wednesday, its highest since March 2, recovering from a low of $75,000 earlier this month.
- Ethereum (ETH) increased by 11%, XRP by 7%, and Solana (SOL) by 13% in the same period.
- Trump's announcement of a 90-day pause on tariffs has bolstered investor confidence.
James Gernetzke, CFO of Exodus, highlighted Bitcoin's resilience amid market volatility. Fluctuations followed Trump's earlier tariff announcements but shifted post-pause, with Trump signaling a conciliatory approach to China and possible tariff reductions.
Investor Appetite Revives
- The renewed optimism has sparked investor interest, with Bitcoin as a key beneficiary.
- Investment strategist Juan Leon noted that recent announcements have reignited investor appetite.
- Treasury Secretary Scott Bessent mentioned progress in trade discussions with India and other nations.
The rally coincides with Trump's reassurances about not firing Fed Chair Jerome Powell amid economic challenges. Some cryptocurrency advocates see Bitcoin's strength as a decentralized asset during U.S. asset volatility and a weakening dollar.
James Butterfill from CoinShares stated that investors are looking for alternative safe-haven assets.
