Bitcoin Surges 100% to $1.86 Trillion Market Cap, Overtakes Google

Bitcoin has surpassed Google to become the fifth-largest global asset by market capitalization, reaching a value of $1.86 trillion. This milestone is driven by a combination of factors, including renewed market optimism, easing U.S.-China trade tensions, robust inflows into Bitcoin ETFs, and significant institutional purchases. The price of Bitcoin has soared beyond $94,000, outperforming major technology benchmarks and the Nasdaq, which has led to over $600 million in liquidations from the crypto market.

Bitcoin's recent surge has been fueled by a mix of macroeconomic considerations, investor sentiment, and increased institutional involvement. The cryptocurrency has broken through several important technical resistance levels, validating a bullish breakout that has outpaced significant indices like the Nasdaq. This rise is particularly notable as it comes amid cooling trade tensions between the U.S. and China, with indications from the White House and Treasury suggesting possible tariff cuts. Additionally, the S&P 500, Nasdaq, and Dow all experienced gains of more than 2.5% on April 22, contributing to a positive mood in global financial markets.

The surge in Bitcoin's price has been further supported by strong inflows into U.S.-listed Bitcoin ETFs, which recorded their third consecutive day of net inflows on April 22, totaling $936 million. This influx of capital underscores the return of institutional confidence in the crypto space, with ARKB (Ark Invest and 21Shares) leading the day with over $267 million in inflows, followed by FBTC (Fidelity) with $254 million, and IBIT with nearly $193.5 million. No ETF recorded any outflows, further emphasizing the bullish stance of institutional investors. Additionally, Michael Saylor’s Strategy₿ firm announced a $555 million Bitcoin acquisition on April 21, increasing its holdings to over 538,200 BTC and highlighting continued corporate accumulation.

The sudden spike in Bitcoin’s price triggered over $600 million in crypto market liquidations in just 24 hours, reflecting the rapid sentiment reversal in the market. Open interest in crypto futures climbed 14% to $121.6 billion, suggesting more confidence and more leveraged trading activity. Despite gains in altcoins like Ethereum (+12%) and Solana (+7%), the Altcoin Season Index remains at 16, firmly placing the market in “Bitcoin Season.”

The rally in crypto also mirrors wider movements in traditional financial markets, spurred by signs of de-escalation in U.S.–China trade tensions. At a press conference on April 22, President Trump stated that tariffs on Chinese imports would “come down substantially.” He also confirmed Federal Reserve Chair Jerome Powell would remain in his position, quelling concerns about monetary policy instability. Treasury Secretary Scott Bessent added that current tariffs are unsustainable, further supporting hopes of easing trade restrictions. These developments drove gains across equity markets, with the S&P 500, Nasdaq, and Dow Jones all experiencing significant increases. Meanwhile, gold briefly surged to $3,500, before pulling back, indicating volatility across traditional safe-haven assets.

With Google, silver, and Amazon now behind it, Bitcoin’s next milestone is Nvidia, which currently holds a market cap of over $2.4 trillion. Reaching this level would require Bitcoin to continue its upward trajectory, but analysts suggest the growing momentum makes this a realistic mid-term goal. As the crypto market consolidates above $3 trillion in total capitalization, Bitcoin’s leadership remains dominant — both in performance and in investor focus.