CoinDesk reports that Bitcoin (BTC) surged past $93,000 on Tuesday afternoon, climbing nearly 7% amid renewed investor optimism and fresh hopes of a thaw in U.S.-China trade tensions.
According to CoinDesk, markets were buoyed by morning remarks from U.S. Treasury Secretary Scott Bessent, who reportedly told investors at a closed-door JPMorgan event that the tariff standoff with China was unsustainable. Bessent said de-escalation would come “in the very near future,” characterizing current conditions as a “trade embargo.” However, he cautioned that a more comprehensive deal between the two nations could take even years.
The news outlet also reported that President Trump, speaking to reporters in the White House later in the afternoon, said that U.S. tariffs on China “will come down substantially” from the current 145% level, allaying concerns of a spiraling trade war. He also added that he has no intention of firing Federal Reserve Chair Jerome Powell, following recent pressure on the head of the U.S. central bank to lower interest rates.
As noted by CoinDesk, the largest crypto by market capitalization rose just shy of $93,400 following Trump’s comments, its strongest price since early March. Altcoins followed BTC higher, with Ethereum’s ether (ETH) rising 8% over the past 24 hours above $1,700, and dogecoin (DOGE) and Sui’s native token (SUI) gaining 8.6% and 11.7%, respectively. The broad-market crypto benchmark CoinDesk 20 Index advanced 5.2%.
In addition, CoinDesk quotes analysts at hedge fund QCP Capital as saying that “as capital rotates into safe-haven and inflation-hedging assets, BTC and gold are proving to be key beneficiaries of the exodus from USD risk.” They highlighted rejuvenating inflows to spot U.S.-listed BTC ETFs and the return of the so-called Coinbase price premium, suggesting demand from American institutional investors.
The publication also cited data from Farside Investors, which showed that BTC ETF booked over $381 million net inflows on Monday, adding to Thursday’s $107 million.
However, not all signs point to a sustained breakout. CoinDesk reports that despite the price jump, on-chain data points to fragility beneath the surface, according to CryptoQuant analysts.
The CoinDesk report also noted that Bitcoin’s apparent demand has decreased by 146,000 BTC over the past 30 days—an improvement from the sharp drop in March, but still negative. CryptoQuant’s demand momentum metric, which tracks new investor interest, has deteriorated further to its most bearish level since October 2024.
In conclusion, the recent surge in Bitcoin’s price may be short-lived, as demand headwinds persist. As CoinDesk reports, market liquidity remains soft, and a key resistance zone between $91,000 and $92,000 may cap further upside.
The source material from CoinDesk highlights the importance of monitoring on-chain data and demand momentum metrics to gauge the sustainability of Bitcoin’s price rally.
According to CoinDesk, investors should exercise caution when evaluating the current market conditions and potential future price movements.
The insights provided by CoinDesk demonstrate that Bitcoin’s price rally is not without its challenges and that investors must remain vigilant in their assessment of market trends.
For the latest information on cryptocurrency and Bitcoin, readers can visit CoinDesk for up-to-date news and analysis.
This article aims to provide an in-depth analysis of the current market conditions and potential future price movements of Bitcoin, as reported by CoinDesk.
By examining the source material from CoinDesk, readers can gain a better understanding of the complexities of the cryptocurrency market and make more informed investment decisions.
The article is based on information from CoinDesk and is intended for educational and informational purposes only.
It is essential to note that the cryptocurrency market is highly volatile, and prices may fluctuate rapidly. Readers should conduct their own research and consult with financial experts before making any investment decisions.
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