April 23, 2025 – DailyForex.pk
The cryptocurrency market exploded higher on Tuesday, with Bitcoin (BTC) leading the charge above $93,000 for the first time since March. The surge comes amid renewed optimism over a potential trade deal between the United States and China, following comments from Treasury Secretary Scott Bessent and President Donald Trump.
📈 Bitcoin Reclaims $93K as Altcoins Follow
The broader crypto market jumped over 5%, led by:
- Bitcoin (BTC): Surged above $93,000, its highest since March 6
- Ethereum (ETH): Gained 11%
- XRP: Rose 5%
- Solana (SOL): Climbed 6%
Meme coins also saw significant upside, with the sector jumping 15%, while AI and RWA (Real-World Asset) sectors showed strong momentum.
📊 $500 Million in Liquidations as Shorts Crumble
According to data from Coinglass, over $581 million in futures positions were liquidated in the past 24 hours—$504 million of which were short trades, as traders bet against the rally and were caught off guard.
This forced liquidation spike reflects a rapid sentiment shift, with long-term holders (LTHs) accumulating more BTC while short-term holders (STHs) continue to offload.
“Net Position Change for Long-Term Holders has turned positive, indicating renewed conviction among smart money investors,” noted a CryptoQuant analyst.
🏛️ Market Catalyst: Bessent and Trump Hint at Trade Deal
The rally was ignited after Treasury Secretary Scott Bessent reportedly told private investors that the ongoing US-China trade conflict is unsustainable, and a de-escalation is likely.
President Trump further supported that sentiment by stating:
“The 145% tariff is very high… it will come down substantially, but it won’t be zero.”
This dovish tone suggests the White House is seeking to reduce trade tensions—fueling confidence in risk assets like cryptocurrencies and stocks.
📉 BTC vs. Stocks: Is the Correlation Breaking?
Bitcoin had begun to rally earlier this week while US stock markets struggled, sparking speculation about a BTC-stocks decoupling.
However, Tuesday’s rebound in equities—with the S&P 500, Nasdaq, and Dow Jones all gaining over 2.5%—reaffirmed their positive correlation, at least for now.
📍 Market Outlook
The sharp rally signals renewed investor appetite for risk ahead of a potential trade war resolution. However, with over $500 million in short liquidations, volatility could remain elevated in the short term.
Traders should continue watching:
- US-China trade negotiations
- Federal Reserve statements
- Crypto market inflows from institutional investors
Stay tuned to www.dailyforex.pk for real-time updates on Bitcoin, Ethereum, XRP, and other leading digital assets.