Bitcoin Steadies Near Seven-Week High as Trade Tensions Ease
Bitcoin Steadies Near Seven-Week High as Trade Tensions Ease
Bitcoin held steady near a seven-week high on Thursday, trading at $93,550.1, after surging nearly 7% the previous day to reach its highest level since early March. The rally was fueled by signs of easing trade tensions between the U.S. and its key trading partners, including China.
Easing Trade Tensions Boost Risk Appetite
The positive sentiment was driven by U.S. President Donald Trump's decision to backtrack on threats against Federal Reserve Chair Jerome Powell and signals of potential tariff easing on China. Additionally, U.S. Treasury Secretary Scott Bessent highlighted the unsustainability of high U.S.-China tariffs, and Japan's Economy Minister announced plans for tariff negotiations in Washington. These developments improved global risk appetite, benefiting Bitcoin and other risk-sensitive assets.
Bitcoin Briefly Overtakes Google in Market Value
Bitcoin briefly surpassed Alphabet (Google) to become the world's fifth-largest asset by market capitalization, reaching approximately $1.87 trillion. This milestone placed Bitcoin ahead of tech giants like Amazon and Meta, though it slipped back to eighth after Thursday's dip.
Swiss Crypto Campaigners Push for Bitcoin Reserves
Cryptocurrency advocates are urging the Swiss National Bank (SNB) to add Bitcoin to its reserves, citing global instability and the need for diversification. A referendum campaign aims to amend the Swiss constitution to require the SNB to hold Bitcoin alongside gold. Campaigners argue that Bitcoin could shield the SNB from geopolitical risks tied to its reliance on the dollar and euro.
Altcoins Show Mixed Performance
Altcoins experienced a mixed session, with Ethereum falling 1.6% to $1,762.59 and XRP declining 0.6% to $2.2033. Solana and Cardano saw modest gains, while Polygon surged over 14% after introducing the Agglomesh Breakout Program. Dogecoin also gained over 1% amid broader crypto market movements.
The crypto market continues to reflect shifting investor sentiment, with Bitcoin leading the charge amid easing trade tensions and growing institutional interest.
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