Bitcoin Soars to 7-Week High as Trump Eases Tariff Rhetoric and Sparks Altcoin Rally
23.04.2025 09:34
Bitcoin surged over 6% to hit a seven‐week high of approximately $93.8K following U.S. President Donald Trump’s decision to withdraw tariff threats and back Federal Reserve Chair Jerome Powell, easing concerns about central bank independence and a turbulent trade environment with China. This move boosted investor confidence and risk appetite across the crypto market. In related developments, a major venture involving Cantor Fitzgerald, SoftBank Group, Tether, and Bitfinex is reportedly near formation for a $3 billion crypto SPAC, signaling a broader bet on a potential crypto resurgence under pro-crypto policies. Meanwhile, altcoins experienced significant gains with Ethereum rising over 13%, XRP up by about 7.7%, Solana surging nearly 8.8%, Cardano increasing by 11.4%, Polygon climbing 5.4%, and meme tokens like Dogecoin and $TRUMP also posting strong gains. These events highlight the increasing optimism and favorable sentiment towards crypto assets amid evolving geopolitical and economic backdrops.
Bitcoin's surge is buoyed by eased tariff rhetoric and the calming of investor nerves regarding central bank interference. The involvement of high-profile institutions in a potential crypto SPAC further enhances positive market sentiment. Short-term price increases are supported by renewed risk appetite, with long-term prospects likely benefiting from a more stable economic outlook.
Ethereum's strong 13.5% jump reflects broader market optimism and increased risk appetite sparked by macroeconomic policy shifts. The altcoin has historically benefited from bullish sentiment during similar geopolitical easing, suggesting both immediate gains and further potential uplift in the medium term.
XRP’s 7.7% rally is in response to the same market conditions driving broader crypto gains. While regulatory factors have previously impacted XRP, the current macroeconomic environment may offer short-term upside with the possibility of stabilization and modest growth in the longer term.
Solana’s nearly 8.8% surge capitalizes on the overall crypto market rally caused by improved investor sentiment from global tariff and economic policy adjustments. Its performance may continue to benefit from renewed liquidity and market optimism in both the near-term and more sustained time frames.
Cardano’s advance of 11.4% indicates strong investor confidence amid the easing of economic tensions. This performance is consistent with historical rallies during similar macro policy shifts, suggesting both immediate gains and a potential for sustained momentum.
Polygon's 5.4% increase is driven by overall positive market sentiment and reduced geopolitical risks. The asset typically benefits from broader market rallies, suggesting that both short-term price movement and further medium-term gains are likely.
Dogecoin’s nearly 13% jump, typical for meme tokens during bullish market phases, reflects speculative trading and heightened risk appetite. The surge results from broader market optimism, though its long-term prospects remain volatile and tied to overall crypto sentiment.
$TRUMP's 14% gain is driven by market hype around the pro-crypto sentiment underscored by political figures. While volatility is expected in the short term, the token’s performance is heavily speculative and depends on continued market enthusiasm tied to political developments.
Sources
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