Bitcoin’s price rose sharply to $91,684 amid hopes of a resolution to U.S.-China trade tensions, spurred by comments from U.S. Treasury Secretary Scott Bessent. Other cryptocurrencies also increased in value. The overall market rally is seen as a signal of confidence, particularly among institutional investors.
On Tuesday, Bitcoin surged to a high of $91,684, marking a 4.5% increase and poised for its largest gain since April 9. The rise is attributed to investor optimism regarding the potential resolution of the U.S.-China trade dispute, following comments from U.S. Treasury Secretary Scott Bessent.
Bessent suggested that a trade war is unsustainable and expected a de-escalation soon, which positively influenced market sentiment. In addition to Bitcoin, other cryptocurrencies performed well, with notable gains from Solana-based Fartcoin (up 21% to $1.08) and Dogecoin (up 9% to $0.17). Ethereum and Solana also saw price increases of 8% and 6%, reaching $1,700 and $145, respectively.
Following Bessent’s remarks made during a private JP Morgan event, Wall Street reacted positively, with the S&P 500 and Nasdaq rising 2.3%, recovering from a 3% decline the previous day. Strahinja Savic from FRNT Financial noted that both traditional and crypto markets are benefitting from perceived advancements in trade negotiations, enhancing Bitcoin’s safe haven narrative.
Recent statements from White House Press Secretary Karoline Leavitt indicated that the Trump Administration is progressing in trade talks with 34 countries, backed by 18 proposals. As Bitcoin and equities increased, analysts observed a divergence with Bitcoin’s performance paralleling gold’s rise, suggesting growing institutional confidence in Bitcoin as an alternative asset.
