Crypto Markets Rally as Bitcoin Hits $93K on U.S.-China Trade Hopes
Bitcoin (BTC) soared to nearly $93,400 on Tuesday, posting a 7% daily gain as signs of easing trade tensions between the U.S. and China reinvigorated risk sentiment across financial markets.
The rally gained steam following comments by U.S. Treasury Secretary Scott Bessent at a closed-door JPMorgan gathering, where he described the current tariff standoff with China as “unsustainable” and signaled a rollback could come “very soon.” Although he cautioned that a long-term agreement may be years away, the market responded favorably to the prospect of short-term relief.
President Trump reinforced the optimism during a press briefing, stating that existing tariffs would be “substantially lowered” from the current 145% rate. He also confirmed his continued support for Federal Reserve Chair Jerome Powell amid speculation over potential leadership changes at the central bank.
Bitcoin’s breakout sparked a broad altcoin rally. Ethereum (ETH) surged over 8% to trade above $1,700, while Dogecoin (DOGE) and Sui (SUI) notched double-digit gains. The CoinDesk 20 Index, a measure of major crypto asset performance, rose 5.2% on the day.
Despite the bullish momentum, analysts at CryptoQuant cautioned that broader macro risks still loom and could temper further upside in the near term. For now, however, markets appear energized by the prospect of improved geopolitical and monetary conditions.
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