Bitcoin Surpasses $93K, Triggers $600M in Liquidations Amid Trade Optimism

Bitcoin crossed $93,000, causing over $600 million in liquidations. Altcoins showed moderate growth, while overall market cap surged past $3 trillion. Bitcoin ETFs reported significant inflows amidst hints of easing U.S.-China trade tensions, positively impacting traditional markets.

In a significant development, Bitcoin has surpassed $93,000 for the first time in seven weeks, resulting in liquidations exceeding $600 million in the cryptocurrency market. Currently, Bitcoin (BTC) is priced at $93,069, representing a 5% increase in the past 24 hours. Ethereum (ETH) has gained 12%, trading at $1,768, while Solana (SOL) increased by 7%, reaching $149. Overall, the cryptocurrency market capitalisation has risen by 4%, exceeding $3 trillion.

Recent data from Coinglass indicates that $602 million was liquidated from the crypto market within the last 24 hours; this marks a 130% increase. Additionally, open interest has climbed 14% to $121.6 billion, suggesting an uptick in leveraged positions among traders. Despite this market rally, the Altcoin Season Index remains at 16, indicating the prevailing dominance of Bitcoin in the market.

Moreover, U.S. Bitcoin Exchange Traded Funds (ETFs) have seen net inflows for three consecutive days, with a reported $936 million on April 22, the highest daily total since early this year. This influx reflects a shift in investor sentiment due to expectations that tensions in the U.S.-China trade war may ease. President Trump, in a recent press conference, hinted at a possible reduction in tariffs on Chinese imports while confirming his support for Federal Reserve chairman Jerome Powell.

Market responses have been uniformly positive, with traditional stock markets also reflecting bullish trends: the S&P 500 rose by 2.51%, the Nasdaq by 2.87%, and the Dow Jones by 2.66%, as per Google Finance statistics. Furthermore, commodities such as gold have experienced volatility, briefly reaching $3,500.

Looking ahead, the Federal Reserve’s upcoming interest rate decisions, alongside the ongoing fiscal negotiations between the U.S. and China, are likely to play crucial roles in influencing Bitcoin’s trajectory in the near future.