Bitcoin (BTC) experienced a significant surge on Tuesday afternoon, breaking past the $93,000 mark. The nearly 7% climb was fueled by renewed investor confidence and growing hopes for a potential easing of trade tensions between the United States and China. At the time of writing, the BTC price on Coinmarketcap was $93,665.40, marking a gain of 6.38% in 24 hours.
The positive market sentiment followed remarks from US Treasury Secretary Scott Bessent, who reportedly indicated at a private JPMorgan event that the current tariff situation with China was unsustainable and suggested a de-escalation was likely “in the very near future.” Bessent described the existing conditions as a “trade embargo,” while also noting that a comprehensive long-term agreement could take years to materialize.
Later in the day, then President Trump further buoyed the markets by telling reporters at the White House that US tariffs on Chinese goods would be “substantially” reduced from their current 145% level, easing concerns about an escalating trade war.
Trump also stated that he had no intention of dismissing Federal Reserve Chair Jerome Powell, despite recent pressure to lower interest rates.
Following these comments, Bitcoin reached a high just below $93,400, its strongest price point since early March. Altcoins mirrored Bitcoin’s upward trajectory, with Ethereum’s ether (ETH) rising 8% to above $1,700 over the past 24 hours. Dogecoin (DOGE) and Sui’s native token (SUI) also saw significant gains of 8.6% and 11.7%, respectively. The broader crypto market, as represented by the CoinDesk 20 Index, advanced by 5.2%.
