The value of Bitcoin (BTC) surpassed $94,000 this Wednesday, reaching its highest point since February. This momentum was driven by signs of easing in the trade war between the United States and China, as well as President Donald Trump's claims dismissing any intention to remove Jerome Powell from the Federal Reserve.
According to data from CoinDesk, Bitcoin was positioned around $94,106, with an increase of 2%. The rise began on Sunday night, coinciding with a drop in the dollar, which also fueled interest in crypto assets.
'The main reason behind this movement was Donald Trump's conciliatory comments on tariffs and his support for Powell,' mentioned Linh Tran, analyst at XS.com.
These signals alleviated the nervousness that had affected the markets after weeks of tensions between the two largest economies in the world.
Trump's statements also triggered a rally on Wall Street. The S&P 500 index (SPY), which has accumulated a decline of nearly 7% since the announcement of tariffs on April 2, showed a recovery of 2.3% in futures. Risk assets reacted with relief, including cryptocurrencies.
Altcoins Accompany Bitcoin's Rise
The optimism was not limited to Bitcoin. Ether (ETH) rose by 9.6%, while XRP (XRP) grew by 7.4% and Solana (SOL) increased by 8.2%. According to the company B2BINPAY, 'we are clearly in a favorable phase for Bitcoin' and, if it surpasses levels above 90,000, it could be on track for a new all-time high.
However, analysts warned that Bitcoin's dominance is at high levels, which poses a risk to the altcoin market if the leading cryptocurrency loses momentum. 'In that case, caution should be exercised. It's like walking on thin ice,' they warned.
