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Bitcoin Surges to 7-Week High as Trump Eases Trade, Fed Rhetoric

Bitcoin jumps to a seven-week high as President Trump softens stance on Fed and trade tariffs, boosting investor confidence and crypto markets.
Published on 2025-04-23

Bitcoin Rallies on Trump's Policy Shift

Bitcoin surged to a seven-week high on Wednesday, reaching $93,662.9, as investors reacted positively to U.S. President Donald Trump’s decision to ease tensions with the Federal Reserve and signal potential tariff reductions on China. The cryptocurrency climbed 2.8%, hitting its highest level since early March before slightly retracing its gains.

Trump's Change in Tone Boosts Risk Appetite

President Trump’s reversal of threats to remove Fed Chair Jerome Powell and his hints at easing trade tariffs on China have calmed investor concerns. This shift in rhetoric has weakened the U.S. dollar and bolstered confidence in risk assets, including cryptocurrencies. Trump also expressed optimism about U.S. relations with China, further stabilizing market sentiment.

Expert Insights on Bitcoin's Rally

Stephen Wundke of Algoz highlights that dollar weakness, driven by Trump’s earlier attacks on the Fed, has contributed to Bitcoin’s rise. He also points to the appointment of crypto-friendly SEC Head Paul Atkins and positive liquidity indicators as key catalysts. Wundke suggests Bitcoin could break out of its $76,000-$95,000 trading range, potentially signaling a major upward move.

Institutional Investment in Crypto Grows

A new $3 billion crypto SPAC venture involving Cantor Fitzgerald, SoftBank, Tether, and Bitfinex aims to replicate MicroStrategy’s Bitcoin-focused strategy. This move underscores growing institutional interest in crypto, particularly under a Trump administration that has pledged crypto-friendly policies.

Altcoins Join the Rally

The broader crypto market also saw significant gains, with Ethereum surging over 6% to $1,794.85 and XRP rising 2.9% to $2.22. Altcoins like Solana, Cardano, and Polygon also posted strong increases, while meme tokens such as Dogecoin and $TRUMP saw notable gains of 3.4% and 51%, respectively.

The rally reflects heightened risk appetite and optimism about the crypto market’s potential under a more favorable political and economic landscape.

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