The crypto market experienced a significant shake-up as Bitcoin climbed above the $93,000 mark for the first time in nearly two months. This price surge led to a notable shift in market sentiment, contributing to over $600 million in liquidations across digital asset markets.
At the time of reporting, Bitcoin (BTC) traded around $93,069, reflecting a 5% gain over the previous 24 hours. Major altcoins followed suit, with Ethereum (ETH) jumping 12% to $1,768 and Solana (SOL) rising 7% to $149. The total valuation of the cryptocurrency sector climbed 4%, exceeding the $3 trillion threshold.
Market data indicated that liquidations reached $602 million within a 24-hour period, a sharp 130% increase. [Coinglass data reference] Concurrently, open interest expanded by 14% to $121.6 billion, suggesting increased leverage in trading positions. Despite broader gains, an Altcoin Season Index reading of 16 suggested continued market focus on Bitcoin.
Adding to the bullish indicators, U.S.-based Bitcoin Exchange Traded Funds (ETFs) saw their third consecutive day of positive net flows. [SoSoValue data reference] Data showed net inflows reaching $936 million on April 22, marking the most substantial single-day inflow since the beginning of the current presidential administration.
This upward momentum appeared largely driven by renewed optimism regarding U.S.-China trade relations. Investor sentiment improved following comments made during an April 22 press conference where President Trump indicated a potential softening on economic policies. [The Guardian report reference] He suggested that tariffs on Chinese goods could decrease significantly, although not entirely disappear.
Furthermore, the President affirmed his intention to keep Jerome Powell as Federal Reserve Chairman, easing previous tensions over interest rate policies. Supporting this tone, Treasury Secretary Scott Bessent described existing tariffs as unsustainable, hinting at a potential easing of the trade conflict.
The positive sentiment extended beyond digital assets, influencing traditional financial markets as well. Major indices like the S&P 500 (+2.51%), Nasdaq Composite (+2.87%), and Dow Jones Industrial Average (+2.66%) posted notable gains. Gold prices also experienced volatility, briefly touching $3,500 before retreating.
Looking forward, upcoming decisions from the Federal Reserve on interest rates and the continuing dialogue surrounding U.S.-China trade policy are expected to be significant factors influencing Bitcoin’s trajectory.