(Bloomberg) – Bitcoin has continued to climb after US President Donald Trump said he had no intention of firing Federal Reserve Chairman Jerome Powell and not to ease concerns about central bank autonomy.
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The biggest cryptocurrency rose about 3% before trimming several profits to exchange hands at 7:28am in London on Wednesday at $93,804. Small tokens such as ether, XRP, and Solana have also risen.
Bitcoin broke over $90,000 on April 22 with a sign that was freed from the long-standing trend of moving in the same direction as US stocks. But the token rose along the stock and dollar amid optimism that stock and trade tensions could be eased after Trump’s comments on Powell. Treasury Secretary Scott Bescent said at the Investor Summit on Tuesday at the closing door Investors’ Summit that tariff positions with China will not be maintained by either side, and that the world’s two biggest economies need to find a way to escalate.
US-listed Bitcoin exchange trade funds totaled $936 million on Tuesday.
Another boost from Crypto came in the form of reports that Cantor Fitzgerald Lp, Tether Holdings Ltd. and Softbank Group spoke to form a $3 billion vehicle and absorb billions of dollars in cryptocurrency.
However, the crypto rallies may head towards revisions by the end of the week, said Stefan von Haenisch, director of over-the-counter transactions at Bitgo Inc, a commercial custody company at CryptoPacific.
QR Capital, a Brazil-based Crypto Asset Manager, said in the memo that “a sharp decline in spot trading volume for central exchanges has led to a change in liquidity into the futures market.”
It suggests that investors are “looking for leverage for a more aggressive position in crypto.” “This shows confidence, but also increases the risk of sharp correctional movements. If beyond the leveraged position, a sudden reversal of market sentiment can lead to cascade liquidation.”
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