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Bitcoin Surges Past $94K as Trade Hopes Rise, Fed Concerns Linger
Bitcoin extended its bullish momentum into Wednesday, briefly climbing above $94,000, buoyed by positive market sentiment following US President Donald Trump’s assurance of non-interference with the Federal Reserve and willingness to engage in dialogue with China.
The world’s leading cryptocurrency by market capitalization jumped over 3% late Tuesday before slightly retreating to $94,198 as of 8:26 AM UTC. The rally kicked off at the start of the week when Bitcoin broke through the $90,000 mark for the first time in over a month.
Trump Stands Behind Fed Chair Powell
Bitcoin’s upward trend coincided with Trump clarifying that he does not plan to remove Federal Reserve Chair Jerome Powell, despite previously labeling him “a major loser.” Tensions had flared when the White House hinted at possible legal routes to dismiss Powell.
“I’d like him to be more proactive with lowering interest rates,” Trump stated during an Oval Office press conference.
Trump originally appointed Powell in 2017 and his successor, Joe Biden, reappointed him in 2021 for another four-year term.
US-China Trade Thaw Boosts Crypto Sentiment
The crypto market also reacted positively to signs of progress on the US-China trade front. Treasury Secretary Scott Bessent said both nations acknowledge the economic damage caused by ongoing trade disputes and are seeking a path toward easing tensions.
Speaking to reporters, Trump said talks with China would proceed “very nicely.” While he admitted tariffs wouldn’t be eliminated entirely, he noted they would be significantly reduced if a deal is reached.
Bitcoin Signals Long-Term Bull Trend
Bitcoin has shown signs of breaking away from its usual correlation with US equities. The divergence began Monday as BTC crossed $90,000 independently of stock market performance, though it returned to tracking with the S&P 500 by Tuesday.
