Bitcoin broke above $93,000 for the first time since March, with altcoins Ethereum, XRP and Solana gaining 11%, 5% and 6%, respectively.
The rally has sparked increased liquidations, with short traders suffering losses of over $500 million in the past 24 hours.
The major US stock indexes saw gains of over 2.5% across the board.
The rally stems from optimism surrounding Treasury Secretary Scott Bessent's statement that he expectsUS and China to reach a trade deal soon.
Bitcoin (BTC) rallied above $93,000 on Tuesday alongside the broader financial market following Treasury Secretary Scott Bessent's statement at a closed-door meeting that the trade feud between the US and China is unsustainable.
Bitcoin reclaims $93,000 as stocks rally following Scott Bessent's statement
The crypto market saw an uptick on Tuesday, rising over 5% as major assets took noted gains. Bitcoin rallied above $93,000 for the first time since March 6, with top altcoins Ethereum, XRP and Solana also gaining 11%, 5% and 6%, respectively.
The meme sector rallied alongside top cryptos, jumping over 15%. Other sectors including the AI and Real-world asset (RWA) sectors also posted gains.
