Bitcoin Surges 6% to $93.8K, Trump’s Trade Policy Shift Fuels Investor Confidence

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Bitcoin soared over 6% on Wednesday, reaching a seven-week high, as investors reacted positively to U.S. President Donald Trump easing his stance on Federal Reserve Chair Jerome Powell and suggesting a potential reduction in trade tariffs with China.

The world’s largest cryptocurrency jumped 6.3% to $93,811.0 by 02:35 ET (06:35 GMT), marking its highest level since early March.

Trump Eases Tensions, Boosting Market Confidence

The surge in Bitcoin followed Trump’s decision to walk back previous threats to remove Powell, which had raised concerns about the independence of the Fed. Additionally, Trump’s hints at easing trade tariffs on China contributed to a more optimistic economic outlook, further boosting investor sentiment.

Trump indicated that the U.S. was "doing fine with China" and other countries, which helped renew confidence in asset markets.

Bitcoin, known for its volatility, had been trading within a narrow range in recent weeks due to uncertainties over U.S. monetary policy and the broader macroeconomic environment. However, Wednesday’s price movement reflected growing confidence that a less confrontational trade approach from the White House could support asset values.

Cantor Fitzgerald Crypto SPAC Venture Nears $3 Billion

In other crypto news, Cantor Fitzgerald, led by Brandon Lutnick, is reportedly partnering with SoftBank Group, Tether, and Bitfinex to invest billions into the crypto space. This venture will utilize a Special Purpose Acquisition Company (SPAC) to follow a strategy similar to MicroStrategy’s Bitcoin-focused approach. The group plans to inject $3 billion in Bitcoin and raise an additional $550 million in bonds and equity to expand its crypto holdings.

This move underscores a broader confidence in a potential resurgence of the crypto market under Trump’s administration, which has indicated support for more crypto-friendly policies.

Altcoins Surge, Ethereum and XRP Jump

Altcoins also saw significant gains on Wednesday, with Ethereum rising 13.5% to $1,796.57, while XRP surged 7.7% to $2.2358. Solana gained 8.8%, Cardano advanced 11.4%, and Polygon added 5.4%.

Among meme coins, Dogecoin jumped nearly 13%, while $TRUMP token was up by 14%.

 

 

 

 

 

 

Paraphrasing text from "Investing.com" all rights reserved by the original author