Main Points:
- Bitcoin nearly hits $94,000 amid Trump’s suggestion to reduce tariffs on China.
- U.S. market sentiment improves on expectations of de-escalation in the trade war and monetary policy stability.
- Trump rules out firing Fed Chair Powell, easing investor uncertainty.
- Crypto market capitalization reaches $3 trillion, with standout gains in Ethereum, SUI, and meme coins.
- Bitget and OKJ exchanges benefit from user inflows amid bullish sentiment.
- Trump highlights $7 trillion in domestic investment under his administration and pushes for rate cuts.
Bitcoin’s Breakout: The Catalyst Behind the Surge
On April 23, Bitcoin (BTC) rallied sharply, briefly approaching the $94,000 mark in a dramatic upward move that energized both retail and institutional markets. This momentum came on the heels of a significant political development: former U.S. President Donald Trump publicly indicated a willingness to reduce the extraordinarily high tariffs on Chinese goods — a move seen by many as a potential de-escalation of long-standing trade tensions.
At a press briefing at the White House, Trump referred to the current 145% tariff as “very high,” stating that it would likely be brought down significantly, although not to zero. His message struck a balanced tone — promising improved relations with China while justifying past hardline stances as necessary.
Market Implication: A Shift to “Risk-On” Sentiment
Financial markets immediately responded to the news with enthusiasm. U.S. equities soared: the Dow Jones rose 2.6%, S&P 500 gained 2.5%, and the Nasdaq surged by 2.7%. Behind this optimism was a renewed sense of policy clarity.
U.S. Treasury Secretary Bessent reinforced this by suggesting that the U.S.-China trade standoff would likely ease soon, downplaying the possibility of maintaining tariffs at current levels. For investors fatigued by the unpredictability of global politics, the signals were clear: risk assets were back in favor.
Trump also made headlines by clarifying that he has no intention of dismissing Jerome Powell, Chairman of the Federal Reserve — a reassurance that helped cool fears of further policy disruption.
Crypto Markets Follow Suit: Bullish Breakout Across the Board
This revitalized risk appetite spilled over into the crypto markets. As of 8 AM JST on April 23, the total cryptocurrency market cap had surged to approximately $3 trillion — up 4.2% in just 24 hours.
Bitcoin led the rally with a 6.6% gain, trading near $92,800. Ethereum (ETH), which had been sluggish in recent weeks, jumped by 10.8% to approximately $1,745. Other notable gainers included:
- $SUI: A Layer 1 blockchain token, up 22% — the highest among major coins.
- $BONK & $FARTCOIN: Meme coins once considered speculative, now showing 20%+ daily returns.
The rapid increase in altcoin and meme token valuations highlights a broader optimism permeating the entire crypto sector.
Spotlight on Exchanges: OKJ and Bitget Capitalize on Momentum
Japanese crypto exchange OKJ leveraged the surge by promoting its BTC accumulation plans, ranging from ¥1,000 to ¥200,000, tailored for busy professionals seeking to dollar-cost-average into crypto.
Bitget, a global player, saw a spike in activity around both spot and leveraged trading for $ETH and $SUI — catering to a diverse user base riding the bullish wave.
Both platforms are engaged in promotional campaigns to attract new sign-ups, further contributing to increased retail participation during this bullish turn.
Trump’s Broader Economic Pitch
In the same press engagement, Trump touted his administration’s achievements in attracting $7 trillion in domestic investments. He cited Apple’s increased domestic manufacturing and the development of new auto plants as evidence of a manufacturing renaissance.
He also pointed to falling gas and egg prices to underline the benefits of his economic policies. While acknowledging that interest rates have not yet fallen, he emphasized that “now is the perfect time for the Fed to cut rates” — once again urging monetary stimulus.
Long-Term Implications: What Comes Next?
Despite the bullish reactions, questions linger. Trade talks between the U.S. and China remain complex. Treasury Secretary Bessent tempered expectations, warning that negotiations could still be “a grueling process.” Nonetheless, the combination of:
- A potential thaw in U.S.-China relations,
- A stable Fed chairmanship,
- Trump’s vocal support for monetary easing,
- And strong domestic economic indicators,
has reduced immediate market uncertainty.
The impact on crypto is especially pronounced. With capital flowing back into risk assets, Bitcoin and other digital currencies appear poised for continued upward movement — at least in the near term.
A Turning Point for Risk Assets and Crypto?
April 23 may well be remembered as a pivotal date in 2025’s financial calendar. Trump’s shift in trade rhetoric, alongside calming signals regarding Fed policy, has reignited investor appetite across asset classes.
For crypto investors, this confluence of geopolitical and macroeconomic signals presents a unique window. Bitcoin’s surge toward $94,000, alongside strong gains in Ethereum, SUI, and meme coins, reflects a return of confidence.
While caution remains warranted amid evolving trade talks, the current sentiment strongly favors bullish positioning — making now a potentially strategic entry point for both new and seasoned crypto investors.
