Trump deescalation rallies markets
Bitcoin's rally took place as President Trump deescalated the tariffs war with China after Treasury Secretary Scott Bessent had stated that the high tariffs were unsustainable. President Trump confirmed Bessent's view, and said that Chinese tariffs would be substantially reduced.
The President also helped to allay market fears by walking back from his statement of the previous day when he had called the Federal Reserve Chairman a loser. He has since stated that he has no intention of firing Powell, and that he just wished that the chairman was more active as regards interest rates.