Bitcoin jumped over 6% to cross $93,000 on Wednesday, as positive signals from U.S. President Donald Trump and easing global tensions lifted investor sentiment across risk assets.
Trump said he had no plans to fire Federal Reserve Chair Jerome Powell and hinted at lower tariffs on Chinese imports, helping both traditional markets and cryptocurrencies rally. The dollar also strengthened after Trump's comments helped ease fears around Fed independence.
At 10:27 AM IST, Bitcoin was trading at $93,447, up 6.03%, while Ethereum surged 13.6% to $1,800. The total crypto market cap rose 6% to $2.92 trillion.
“The crypto market saw a strong breakout, with Bitcoin trading at $93,000 and major altcoins like Ethereum, Solana, and XRP gaining up to 13% in a day," said Edul Patel, Co-founder and CEO of Mudrex.
"This rally is largely driven by increased institutional buying, with Bitcoin spot ETFs seeing net inflows reach a multi-month high of over $700 million, totalling over $1 billion this week alone.”
Patel also noted a shift in investor sentiment. “The Fear and Greed Index now stands at ‘Neutral’, indicating that retail investors are re-entering the markets. A decline in exchange inflows suggests reduced selling pressure. If bulls stay in control, Bitcoin could test $100,000, with support now at $88,000.”
Riya Sehgal, Research Analyst at Delta Exchange, said geopolitical factors were also lifting sentiment. “Remarks from Treasury Secretary Scott Bessent and President Trump suggesting a de-escalation in the U.S.-China trade dispute have improved the broader risk environment, lifting both traditional equities and digital assets.”
Also Read: $1 million Bitcoin by 2035? Rich Dad Poor Dad author Robert Kiyosaki’s bold prediction draws mixed reactions from crypto experts
Altcoins posted sharp gains. XRP rose 8%, Solana 9%, Dogecoin 15%, Cardano and Chainlink 12% each. Avalanche and Toncoin climbed 15% and 8% respectively, while Shiba Inu and Hedera were up 12% and 8%. Sui surged 30%.
Bitcoin’s market cap rose to $1.855 trillion, lifting its dominance to 63.37%. Daily trading volumes jumped 41.4% to $56.19 billion. Stablecoins contributed 94.89% of total crypto trade volume, amounting to $123.24 billion, as per CoinMarketCap.
“Top altcoins have reversed their trend, with Ethereum outperforming with a 13% gain, backed by a sharp drop in CME short positions easing months of arbitrage-driven pressure," said Vikram Subburaj, CEO of Giottus.
“Avalanche and Cardano posted double-digit gains, while XRP and Solana rose by 9%. A drop in BTC dominance from 64% to 62% would further support a broader altcoin breakout.”
Also Read: XRP overtakes Bitcoin in trading surge, PEPE enters top 10: What’s driving India’s new crypto bets?
( Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
Trump said he had no plans to fire Federal Reserve Chair Jerome Powell and hinted at lower tariffs on Chinese imports, helping both traditional markets and cryptocurrencies rally. The dollar also strengthened after Trump's comments helped ease fears around Fed independence.
At 10:27 AM IST, Bitcoin was trading at $93,447, up 6.03%, while Ethereum surged 13.6% to $1,800. The total crypto market cap rose 6% to $2.92 trillion.
“The crypto market saw a strong breakout, with Bitcoin trading at $93,000 and major altcoins like Ethereum, Solana, and XRP gaining up to 13% in a day," said Edul Patel, Co-founder and CEO of Mudrex.
"This rally is largely driven by increased institutional buying, with Bitcoin spot ETFs seeing net inflows reach a multi-month high of over $700 million, totalling over $1 billion this week alone.”
Patel also noted a shift in investor sentiment. “The Fear and Greed Index now stands at ‘Neutral’, indicating that retail investors are re-entering the markets. A decline in exchange inflows suggests reduced selling pressure. If bulls stay in control, Bitcoin could test $100,000, with support now at $88,000.”
Riya Sehgal, Research Analyst at Delta Exchange, said geopolitical factors were also lifting sentiment. “Remarks from Treasury Secretary Scott Bessent and President Trump suggesting a de-escalation in the U.S.-China trade dispute have improved the broader risk environment, lifting both traditional equities and digital assets.”
Also Read: $1 million Bitcoin by 2035? Rich Dad Poor Dad author Robert Kiyosaki’s bold prediction draws mixed reactions from crypto experts
Altcoins posted sharp gains. XRP rose 8%, Solana 9%, Dogecoin 15%, Cardano and Chainlink 12% each. Avalanche and Toncoin climbed 15% and 8% respectively, while Shiba Inu and Hedera were up 12% and 8%. Sui surged 30%.
Bitcoin’s market cap rose to $1.855 trillion, lifting its dominance to 63.37%. Daily trading volumes jumped 41.4% to $56.19 billion. Stablecoins contributed 94.89% of total crypto trade volume, amounting to $123.24 billion, as per CoinMarketCap.
“Top altcoins have reversed their trend, with Ethereum outperforming with a 13% gain, backed by a sharp drop in CME short positions easing months of arbitrage-driven pressure," said Vikram Subburaj, CEO of Giottus.
“Avalanche and Cardano posted double-digit gains, while XRP and Solana rose by 9%. A drop in BTC dominance from 64% to 62% would further support a broader altcoin breakout.”
Also Read: XRP overtakes Bitcoin in trading surge, PEPE enters top 10: What’s driving India’s new crypto bets?
( Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
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