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Bitcoin rallied sharply on Wednesday, breaking out of its recent range to hit a seven-week high, as a shift in tone from U.S. President Donald Trump boosted investor confidence and risk appetite across financial markets.
As of 02:35 ET (06:35 GMT):
- Bitcoin (BTC) surged 6.3% to $93,811.0, marking its highest level since early March.
Trump Reassures Markets on Fed and Tariffs
The sudden surge in Bitcoin came after Trump:
- Withdrew threats to remove Federal Reserve Chair Jerome Powell, easing concerns over central bank independence.
- Signaled possible tariff relief on Chinese imports, stating that the U.S. is “doing fine with China.”
These developments helped lift risk sentiment globally, with Bitcoin—often seen as a hedge against political and macroeconomic instability—benefiting strongly.
“Markets had been on edge over Trump’s increasingly aggressive rhetoric. His more conciliatory tone on both the Fed and China provided just the right spark,” said one strategist.
Bitcoin’s Comeback: From Range-Bound to Risk-On
BTC had been trading in a tight range for weeks, pressured by:
- Uncertainty around U.S. monetary policy direction
- Lingering fears about a global economic slowdown
- Worries over a potential Fed leadership shake-up
Wednesday’s breakout marks a potential return of risk-on sentiment, especially for speculative and digital assets.
Crypto Investment Boom: Cantor-SoftBank-Tether SPAC Venture
Fueling bullish sentiment was a Financial Times report that:
- Cantor Fitzgerald, led by Brandon Lutnick, is launching a $3 billion SPAC venture in collaboration with SoftBank, Tether, and Bitfinex.
- The SPAC aims to replicate MicroStrategy’s Bitcoin-centric strategy, signaling a bold long-term bet on digital assets.
- The group also plans to raise $550 million more in bonds and equity to expand holdings.
The venture could serve as a catalyst for institutional re-entry into crypto, especially under a potentially more crypto-friendly Trump administration.
Altcoins Soar Alongside Bitcoin
The crypto rally extended across the board, with major altcoins posting double-digit gains:
| Coin | Price | % Change |
|---|---|---|
| Ethereum (ETH) | $1,796.57 | ▲ 13.5% |
| XRP | $2.2358 | ▲ 7.7% |
| Solana (SOL) | — | ▲ 8.8% |
| Cardano (ADA) | — | ▲ 11.4% |
| Polygon (MATIC) | — | ▲ 5.4% |
| Dogecoin (DOGE) | — | ▲ 13% |
| $TRUMP | — | ▲ 14% |
Outlook
With Trump softening rhetoric and major institutional players signaling interest, Bitcoin’s momentum may persist—especially if:
- The dollar remains weak
- The Fed holds steady on policy
- Regulatory pressures ease under a more crypto-supportive narrative
Bitcoin watchers are now eyeing the $95,000 and $100,000 levels as potential near-term psychological hurdles.
