Bitcoin surges in line with stock and dollar after Trump walks back on China, Powell
Published: 09:42 23 Apr 2025 BST
Bitcoin and other cryptocurrencies have surged in line with other financial assets after US President Donald Trump signalled a more conciliatory approach toward trade relations with China.
The dollar price of bitcoin has jumped 6.6% over 24 hours to $94,227.77, rising more than 12% over the past week and 26% over the past two weeks.
Bitcoin ETFs saw their third-highest inflow this year, with $936 million flowing their way yesterday.
US stock markets and the dollar rose on Tuesday following the comments from Trump, who said tariffs on Chinese goods would "come down substantially", and also rowed back on threats to remove Federal Reserve chair Jerome Powell.
Bloomberg reported that Bitcoin had risen on Tuesday "in a sign it was breaking free of a longstanding tendency to move in the same direction as US stocks" before the digital token rose in line with other financial markets after Trump’s comments.
Among other cryptocurrencies, Ether rose 10.7%, XRP climbed 9.4% and Solana 8.6%.
