Bitcoin Breaks $93K as Trade De-escalation Hopes Spark Crypto Surge
Bitcoin (BTC) rallied sharply on Tuesday, breaking above $93,000 for the first time since early March, as investor sentiment turned bullish on signs of a cooling U.S.-China trade conflict. The move marked a nearly 7% daily gain and triggered a widespread rally across altcoins.
The rally was sparked by U.S. Treasury Secretary Scott Bessent, who, during a private JPMorgan event, described the current tariff regime with China as a “trade embargo” and indicated that a rollback was imminent. While Bessent tempered expectations for a long-term resolution, markets latched onto his near-term optimism.
Later in the day, President Trump fueled further gains, telling reporters that U.S. tariffs on Chinese imports would be “significantly reduced,” easing fears of escalating economic tensions. He also dismissed speculation of removing Federal Reserve Chair Jerome Powell, signaling stability in monetary policy leadership.
Crypto markets responded swiftly. Ethereum (ETH) climbed over 8% past $1,700, while Dogecoin (DOGE) and Sui (SUI) jumped 8.6% and 11.7%, respectively. The CoinDesk 20 Index, tracking a basket of major digital assets, surged 5.2%.
Despite the upward momentum, analysts warned of possible resistance ahead. CryptoQuant noted that while sentiment has shifted positively, macroeconomic uncertainties and market overextensions could still limit further upside in the short term.
