On Tuesday afternoon, Bitcoin (BTC) surged past $93,000, gaining nearly 7% as investor optimism reignited amid fresh hopes for a resolution in the ongoing U.S.-China trade tensions. However, analysts from CryptoQuant warned that despite the positive momentum, challenges remain that could limit further upside potential.
The market rally was sparked by comments from U.S. Treasury Secretary Scott Bessent during a private JPMorgan event. Bessent told investors that the current tariff standoff with China was no longer sustainable and that de-escalation was imminent. He described the situation as a “trade embargo” but also noted that a comprehensive trade deal between the two nations could take years to finalize.
Later in the day, President Trump echoed these sentiments, telling reporters at the White House that U.S. tariffs on China would be significantly reduced from their current level of 145%. His remarks helped calm fears of an escalating trade war. Trump also stated he had no plans to remove Federal Reserve Chairman Jerome Powell, despite growing pressure to cut interest rates.
Following Trump’s comments, Bitcoin surged to nearly $93,400, its highest level since early March. Altcoins joined the rally, with Ethereum’s ether (ETH) jumping 8% to surpass $1,700, while Dogecoin (DOGE) and Sui’s native token (SUI) saw gains of 8.6% and 11.7%, respectively. The broader crypto market, as measured by the CoinDesk 20 Index, advanced by 5.2%.
