Bitcoin soared past $93,500 on Tuesday, lifting the broader crypto market alongside it as confidence surged among traders and institutions. The rally, which unfolded over the past 24 hours, is being driven by a combination of political reassurance, fresh institutional activity, and optimism surrounding regulatory shifts.
The flagship cryptocurrency rose by over 6 percent in 24 hours and now trades at $93,532.81, according to market data. This pushed Bitcoin’s weekly gains to nearly 12 percent, reinforcing a bullish sentiment across digital assets.
Market enthusiasm was ignited after U.S. President Donald Trump and Treasury Secretary Scott Bessent indicated progress on easing trade tensions with China. Bessent’s remarks about the unsustainable nature of the 145 percent tariffs suggested a policy shift may be on the horizon, boosting investor appetite for riskier assets.
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Bitcoin exchange-traded funds also recorded strong inflows, with $381 million added on Monday alone, signaling renewed institutional participation. MicroStrategy further fueled the rally by acquiring 6,500 more BTC, underlining the growing conviction among major firms in the asset’s long-term value.
Ethereum and Altcoins Follow Suit Amid SEC Policy Changes
Ethereum also saw significant upward momentum, climbing 12.23 percent in the last 24 hours to reach $1,776.70. With a market cap exceeding $214 billion, Ethereum added nearly $30 billion in 24-hour trading volume, showing strong investor interest.
Other cryptocurrencies experienced similar positive movement. XRP rose 7.6 percent over the last day, now trading at $2.23, while the stablecoin Tether held firm at $1.00 with slight gains.
The bullish mood was strengthened by recent actions from new SEC Chairman Paul Atkins, who moved to dismiss several crypto enforcement cases. His stance is viewed as supportive of innovation, offering a more favorable regulatory environment for the digital asset industry.
Bitcoin’s market capitalization currently stands at $1.85 trillion, while trading volume exceeded $56.9 billion in the past 24 hours. Ethereum and XRP also saw strong volume increases, reflecting heightened market activity and renewed confidence.
Bitcoin’s climb past $93,000 marks a turning point in the current cycle, as institutional flows, political developments, and regulatory easing converge. The rally has boosted not just Bitcoin but the broader market, positioning the sector for continued momentum.
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