Bitcoin on Track for Strong Weekly Gains, But Market Sentiment Wavers

Image Credit: Reuters

Bitcoin experienced a rise on Friday, with the cryptocurrency on track for strong weekly gains, bolstered by a significant rally earlier in the week following signals that U.S. President Donald Trump might ease trade tariffs. However, mixed signals surrounding potential U.S.-China tariff negotiations led to cautious investor sentiment, resulting in Bitcoin trading within a narrow range over the past two sessions.

As of 02:23 ET (06:23 GMT), Bitcoin gained 0.8%, reaching $93,269.3. The cryptocurrency is poised for a nearly 10% increase this week, having briefly surged past $94,000 on Wednesday, its highest level since early March.

The surge was driven by Trump’s reversal of threats to remove Federal Reserve Chair Jerome Powell and his indication that trade tariffs on China might be eased. Media reports also indicated that Japan and the U.S. are set to hold a second round of tariff negotiations from April 30 to May 2. 

However, on Thursday, China contradicted the U.S. claims, stating that no trade talks had occurred, despite President Trump affirming that discussions were underway. A Bloomberg report on Friday further revealed that China is considering exempting certain U.S. goods from its 125% import tariffs.

The mixed signals surrounding U.S.-China trade talks created a cautious market, affecting Bitcoin's momentum, which slowed over the past two sessions as prices traded within tight ranges. 

In the broader crypto market, most altcoins saw gains, with Ethereum holding steady at $1,769.57. XRP rose 1% to $2.1868, while Solana gained 2.7%, Cardano increased by 4.4%, and Polygon surged 11%. Among meme tokens, Dogecoin jumped 4.2%, while $TRUMP was down by 1%.

 

 

 

 

 

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