Bitcoin surged over 6 percent on Wednesday, reaching a seven-week high as investors reacted positively to U.S. President Donald Trump’s retraction of threats to dismiss Fed Chair Jerome Powell, along with his hints at potential reductions in trade tariffs on China.
The world’s largest cryptocurrency experienced a notable increase of 6.3 percent, climbing to $93,811.0 by 02:35 ET (06:35 GMT), marking its highest price since early March. Currently, Bitcoin is trading at $94,232.25.
This surge followed President Trump’s decision to walk back recent threats aimed at removing Federal Reserve Chair Jerome Powell, a move that had previously unsettled investors concerned about the independence of the central bank. Trump also indicated a possible easing of trade tariffs on China, heightening hopes for a more stable economic outlook. He stated that the U.S. is “doing fine with China” and other nations.
Read more: U.S. Bitcoin ETFs record $5.4 billion in outflows in five weeks
Known for its volatility, Bitcoin has been trading within a tight range for weeks amid ongoing uncertainty regarding U.S. monetary policy and a mixed macroeconomic landscape. However, Wednesday’s movement reflects a renewed confidence that a less aggressive stance from the White House could bolster asset prices.
New investment ventures in cryptocurrency
In related news, a venture led by Brandon Lutnick, chair of brokerage Cantor Fitzgerald, is collaborating with SoftBank Group, Tether, and Bitfinex to invest billions of dollars in cryptocurrency, as reported by the Financial Times on Tuesday, citing sources familiar with the situation.
The consortium aims to channel investments into cryptocurrency through a special purpose acquisition company (SPAC), with the goal of replicating MicroStrategy’s Bitcoin-focused strategy, according to the report.
Bitcoin outperforms all other assets
“Since Trump’s victory on November 5, Bitcoin has remained the top-performing asset. It has outpaced gold and Wall Street alike. Interestingly, the depreciation of the U.S. dollar hasn’t directly boosted Bitcoin, despite its USD denomination. This could signal a shift in portfolio strategies — moving away from currency exposure and focusing more on the asset itself,” remarked Gabriel Debach, market analyst at eToro, to Economy Middle East.
On April 8, Bitcoin hit a low in tandem with global equity markets. The rebound was broad-based, but what followed was a divergence. Bitcoin didn’t just follow the recovery — it led it, accelerating and outperforming, Debach noted.
He explained that rolling 15- and 30-day correlations show a tightening link between Bitcoin and the Nasdaq 100, suggesting that Bitcoin is increasingly behaving like a high-beta tech asset, more closely aligned with growth trends than with gold.
“During the broader U.S. equity rebound, Bitcoin acted as a high-sensitivity amplifier. While the VIX dropped and capital flows returned to risk assets, BTC showed the strongest response. It didn’t predict the bottom — it amplified the shift into a risk-on environment.”
According to Debach, fund flows reinforce this narrative: on April 23, the iShares spot ETF (IBIT) recorded over $630 million in inflows — the highest since January 21. Unlike earlier speculation about potential institutional purchases by the U.S. government, this time the inflow came with no attached story, further supporting Bitcoin’s technical momentum.
He explained that on-chain data also point to a healthy market structure. According to IntoTheBlock, over 91 percent of Bitcoin addresses are currently in profit. Looking forward, the $96,000–$99,000 range stands out as a key resistance zone, where a high concentration of underwater addresses may prompt profit-taking.
“This time, Bitcoin wasn’t the first to move — it was the first to show conviction,” Debach concluded.
