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Bitcoin prices edged lower on Thursday as traders took profits following a strong rally, though broader optimism around easing trade tensions between the U.S. and key global partners kept overall sentiment upbeat.
Bitcoin Falls After Rally
The world’s largest cryptocurrency dropped 1.2% to $92,575.3 by 02:35 ET (06:35 GMT). The pullback followed a nearly 7% surge on Wednesday that briefly pushed Bitcoin above $94,000 — its highest level since early March.
The dip is largely attributed to profit-taking after the recent spike, with traders locking in gains from the recent momentum rally.
Tariff Relief and Fed Signals Fuel Risk Appetite
Wednesday’s rally came after President Donald Trump softened his tone on two key market drivers: Federal Reserve policy and trade relations with China. Trump walked back his recent threats to remove Fed Chair Jerome Powell, easing investor fears about central bank independence. He also suggested that steep tariffs on China could eventually be reduced, provided Beijing returns to negotiations.
Treasury Secretary Scott Bessent added that current tariff levels are unsustainable and acknowledged the need for potential easing. Reports also confirmed that Japan’s Economy Minister Ryosei Akazawa will visit Washington from April 30 to May 2 for a second round of trade talks — another encouraging sign for global trade stability.
Bitcoin Briefly Becomes 5th Largest Global Asset
On Wednesday, Bitcoin’s rally lifted its market capitalization to around $1.87 trillion, briefly overtaking Alphabet (Google) and ranking as the world’s fifth-largest asset by value. It trailed only gold, Apple, Microsoft, and Nvidia.
By Thursday morning, Bitcoin had slipped back below silver and Amazon, falling to the eighth position in global asset rankings.
Altcoins Also Pull Back
Altcoins, which had followed Bitcoin’s rally midweek, also saw modest declines:
- Ethereum fell 0.8% to $1,774.93
- XRP dropped 2.8% to $2.1801
- Solana declined 1.3%
- Cardano fell 1%
- Polygon lost 0.5%
- Dogecoin dropped 4%, marking the steepest decline among meme tokens
Conclusion
Despite Thursday’s modest pullback, Bitcoin and the broader crypto market remain supported by improving global sentiment. Signals from Washington point to a potential de-escalation in tariff pressure, while political restraint regarding the Fed has temporarily stabilized investor confidence. The near-term direction of crypto assets may hinge on upcoming developments in U.S.-China and U.S.-Japan trade discussions.
