For the first time in seven weeks, Bitcoin has surpassed $93,000, triggering a sentiment shift that resulted in more than $600 million in crypto market liquidations.
As of press time, Bitcoin (BTC) is trading at $93,069, up 5% in the last 24 hours. Ethereum (ETH) has jumped 12% to $1,768 while Solana (SOL) is up 7% at $149. The cryptocurrency market’s overall market capitalization has increased by 4% to just over $3 trillion.
According to Coinglass data, $602 million was liquidated from the cryptocurrency market in the last 24 hours, a 130% increase. Furthermore, open interest rose 14% to $121.6 billion, indicating a rise in leveraged bets on the market. Despite the overall market rally, the Altcoin Season Index, which stands at 16, shows that the market is still in “Bitcoin Season.”
U.S. Bitcoin Exchange Traded Funds, on the other hand, recorded their third straight day of inflows. On Apr. 22, net inflows hit $936 million, as per SoSoValue data. This was the highest daily total since Donald Trump took office earlier this year.
The rally was largely fueled by improved market sentiment as investors anticipate a potential cooling of the U.S.-China trade war. At an Apr. 22 White House press conference, President Trump softened his stance on several key economic issues, as reported by The Guardian. The president said that tariffs on Chinese imports would “come down substantially,” though they would not be eliminated.
He also announced that he had “no intention” of removing Federal Reserve chairman Jerome Powell, after previously criticizing him over interest rates. These comments came alongside statements from Treasury secretary Scott Bessent, who said the current tariffs were unsustainable and hinted at possible de-escalation in the U.S.–China trade dispute.
Alongside crypto markets, traditional markets responded positively, with the S&P 500 rising 2.51%, the Nasdaq up 2.87%, and the Dow Jones gaining 2.66%, according to Google Finance data. Gold also saw sharp moves, briefly rising to $3,500 before pulling back.
The Federal Reserve’s next interest rate decision and ongoing fiscal negotiations between the U.S. and China are likely to remain key catalysts for Bitcoin in the weeks ahead.
