Bitcoin and crypto prices have surged back, pushing the combined crypto market over $3 trillion and toward a $19 trillion “tipping point.”
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The bitcoin price has rocketed 20% since dropping to April lows of under $75,000 per bitcoin, with Wall Street banks staring down the barrel of an “existential” crypto crisis.
Now, as the world hurtles toward “monetary order breakdown” that could be worse than 2008, bullish bitcoin and crypto traders are piling back in and predicting the “tide may be turning” as Treasury secretary Scott Bessent is expected to reassure markets.
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U.S. president Donald Trump has signaled a potential U-turn on his China trade war, which has … More
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Bessent will discuss “the state of the global financial system” this morning during a key note speech at the International Monetary Fund (IMF) and World Bank Spring Meetings.
Yesterday, Bessent told attendees of a closed-door JPMorgan conference that he expects a “de-escalation” in the U.S.-China trade war that’s roiled markets and swept away trillions of dollars of value in mere months, according to a leak reported by Reuters.
Meanwhile, U.S. president Donald Trump himself signaled a potential U-turn on his trade war with China, saying tariffs on exports from China to the U.S. will “come down substantially.”
“145% is very high and it won’t be that high,” Trump said during a question-and-answer session with reporters in the Oval Office. “It won’t be anywhere near that high. It’ll come down substantially. But it won’t be zero.”
Bitcoin, crypto and stock markets were also reassured overnight by Trump saying he has “no intention of firing” Federal Reserve chair Jerome Powell but adding he would like Powell to be “a little more active” when it comes to cutting interest rates.
“Bitcoin has broken through a key price range at $88,760,” analysts with B2BInPay wrote in an emailed note.
“At the moment, it’s heading toward liquidity levels around $95,000 and $99,500. If it manages to break through those, we’re likely headed for an all-time high. Currently, the setup looks bullish.”
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The bitcoin price has moved sharply toward $100,000 per bitcoin after dropping under $75,000 earlier … More
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This week, the dozen bitcoin exchange-traded funds (ETFs) that found huge success after their launch last year but have struggled since Trump took office, saw their best day of inflows since January, according to data from SoSoValue.
“This shift suggests the tide may be turning, adding fresh momentum to the ongoing rally,” Markus Thielen, the chief executive of 10x Research, wrote in an emailed note.
“Once bitcoin breaches $110,000, the previous all-time high, it will likely surge, further increasing dominance,” Arthur Hayes, the former BitMex chief executive who now runs the Maelstrom investment fund, wrote in a blog post.
“As you can tell, I’m very bullish. At Maelstrom, we have maxed out our crypto exposure,” Hayes wrote, adding he thinks traders should, “back up the truck, and buy everything.”
