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Bitcoin Surges 10% as Crypto Winter Thaws—Traders Cheer Tariff Truce and Inflated Hope

Bitcoin Surges 10% as Crypto Winter Thaws—Traders Cheer Tariff Truce and Inflated Hope

Author:
Newsbtc
Published:
2025-04-24 12:00:22
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Crypto bulls are back in charge as Bitcoin rockets past resistance levels—because nothing revives ’digital gold’ like temporary trade war relief and selective institutional amnesia.

Market pulse: BTC’s double-digit leap mirrors 2021’s irrational exuberance, but this time with 50% more compliance theater. Altcoins ride the coattails as traders pretend they’ve cracked risk management.

Behind the rally: A perfect storm of paused tariffs (thanks, geopolitical brinkmanship), CME futures gaps begging to be filled, and hedge funds desperate to explain their crypto allocations to skeptical LPs.

The cynical take: Wall Street still can’t decide if blockchain is a revolution or a contingency plan for when their repo market privileges get yanked. Either way, the leverage flows—until the next ’black swan’ margin call.

Bitcoin And Major Altcoins Rally 

Earlier this month, President Trump had announced a 90-day pause on imposing significant tariffs on various US trading partners. This decision appears to have revitalized investor confidence in Bitcoin, which reached a peak of $94,000 on Wednesday, marking its highest value since March 2, after recovering from a low of $75,000 earlier this month.

The broader cryptocurrency market has mirrored Bitcoin’s gains, with Ethereum (ETH) rising by 11%, XRP increasing by 7%, and Solana (SOL) climbing 13% over the last week.

James Gernetzke, CFO of crypto exchange Exodus, noted, “While the broader macro environment may be very volatile, especially for equities and fixed income, the digital asset class has been holding up remarkably well.”

The recent fluctuations in Bitcoin’s price can be traced back to Trump’s earlier announcements of sweeping tariffs, which initially sent the cryptocurrency market into a tailspin. 

However, after the temporary pause on tariffs for most countries, investor sentiment shifted. Trump’s recent comments signaling a more conciliatory tone toward China—stating his intention to be “very nice” in trade negotiations—have further fueled this renewed optimism. He indicated that he would “substantially” lower tariffs if a deal could be achieved.

Investor Appetite Revives

This shift in tone has reignited investor appetite, with Bitcoin emerging as a primary beneficiary. Juan Leon, an investment strategist at Bitwise, commented, “This week’s announcements from the Trump administration on negotiations with China prospectively leading to a lowering of tariffs have reignited investor appetite.”

Additionally, Treasury Secretary Scott Bessent has suggested that the president is “very close” to finalizing a trade deal with India, with White House officials highlighting progress in discussions with other nations as well.

The market rally is also occurring against a backdrop of Trump’s recent statements regarding Federal Reserve (Fed) Chair Jerome Powell. After briefly expressing frustration over Powell’s reluctance to lower interest rates amid economic turmoil caused by tariffs, Trump reassured markets on Wednesday that he has “no intention” of firing the Fed chair. 

Despite the temporary tensions with the Fed, some cryptocurrency advocates view this situation as a testament to Bitcoin’s strength as a decentralized asset. As investors seek alternatives amid volatility in American assets and a weakening US dollar, Bitcoin’s value continues to rise. 

James Butterfill, head of research at ETF issuer CoinShares, remarked, “In this environment, investors are seeking alternative safe-haven assets.”

Bitcoin

Featured image from DALL-E, chart from TradingView.com 

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