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Bitcoin Surges 15% to $93,000 on Trump's Trade War Shift

Coin WorldWednesday, Apr 23, 2025 12:16 am ET

1min read

Bitcoin's price surged to a seven-week high, reaching above $93,000, driven by a combination of macroeconomic events and a shift in sentiment following remarks from US President Donald Trump. The cryptocurrency's rally, which began over the Easter weekend, continued to gain momentum as Trump adopted a more conciliatory stance on the trade war with China. This shift in tone led to a significant improvement in market sentiment, with analysts and traders anticipating further upside for Bitcoin.

Trump's comments, which included a statement that tariffs on Chinese goods would "come down substantially," though not to zero, were seen as a positive development by many in the crypto community. This sentiment was further bolstered by Trump's decision not to fire US Federal Reserve Chair Jerome Powell, despite previous criticisms. The combination of these factors created a bullish environment for Bitcoin, with traders and analysts expecting continued growth.

The positive sentiment extended beyond the crypto market, with traditional financial markets also ending the day in the green. This positive market sentiment, coupled with increased inflows into spot Bitcoin exchange-traded funds, provided additional support for Bitcoin's price rally.

Crypto traders and commentators were quick to react to the developments, with many expressing optimism about Bitcoin's future prospects. Michael Sullivan, a Bitcoin commentator, described the recent price movement as "the craziest one-minute candle" he had ever seen on the Bitcoin chart. Similarly, pseudonymous crypto trader Crypto General noted that Bitcoin's breakout was in line with previous predictions, while crypto commentator "Ted" suggested that Bitcoin was poised to catch up with gold and reach the $100,000 price level.

The improvement in crypto market sentiment was also reflected in the performance of spot Bitcoin ETFs, which saw a joint net inflow of $381.3 million the day before Bitcoin's price surge. This influx of capital into Bitcoin ETFs indicated growing institutional interest in the cryptocurrency, further supporting its price rally.

Overall, the combination of Trump's softer tone on the trade war, improved market sentiment, and increased inflows into Bitcoin ETFs created a favorable environment for Bitcoin's price surge. As the cryptocurrency continues to gain traction among investors, its price is expected to remain volatile, with further developments in the trade war and broader macroeconomic factors likely to influence its trajectory.

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