tl;dr
Bitcoin surged to $91,684 amid hopes of an early end to the U.S.-China tariff conflict, rising 4.5% over 24 hours and marking its largest gain since April 9. Other cryptocurrencies like Ethereum, Solana, Dogecoin, and Fartcoin also saw significant gains. U.S. Treasury official Scott Bessent indicate...
Bitcoin surged to $91,684, marking its largest daily gain since April, fueled by hopes for a quicker resolution to U.S.-China trade tensions. The cryptocurrency rose 4.5% over 24 hours as investors speculated on an earlier-than-expected end to the tariff conflict between Washington and Beijing.
Altcoins and meme coins also experienced significant gains: Solana-based Fartcoin jumped 21% to $1.08, Dogecoin climbed 9% to $0.17, Ethereum rose 8% to $1,700, and Solana gained 6% to $145. These upticks reflect broad optimism across various segments of the crypto market.
U.S. Treasury official Scott Bessent indicated that the ongoing trade war with China is unsustainable for both countries and predicted an imminent de-escalation, which helped calm market fears. His remarks, delivered at a private JP Morgan event, contributed to easing jitters over tariffs that could impede U.S. economic growth.
Following a 3% drop on Monday, stock markets rebounded strongly on Tuesday, with the S&P 500 and Nasdaq each rising over 2%. The rally was driven by optimism surrounding tariff negotiations, supported by White House confirmations of ongoing trade talks with multiple countries and a reported 18 proposals on the table.
Bitcoin’s rally alongside gold suggests growing institutional interest in cryptocurrencies as a safe haven amid global market uncertainties. Alice Liu, head of research at CoinMarketCap, noted that the divergence of Bitcoin’s rise from risk-on assets highlights its increasing appeal as an alternative store of value for institutional investors.