Bitcoin Tops $93k Amid Optimism Over U.S.-China Trade Relations

• BTC is drawing closer to the $100k psychological level after topping the $93k mark on Tuesday.

• The rally was fueled by optimism over U.S.-China trade relations.

BTC Hits $93k as Total Crypto Market Cap Approaches $3T

The cryptocurrency market continued its bullish start to the week on Wednesday as Bitcoin and major altcoins rallied higher. Bitcoin, the leading cryptocurrency by market cap, surged by nearly 6% in the last 24 hours to climb above the $93k mark for the first time since March.

At press time, Bitcoin is trading at $93,721 and could rally higher to the $95k resistance level in the coming hours or days. 

The positive performance comes amid optimism over the U.S.-China trade relations. President Trump said U.S. tariffs on China will decrease substantially from the current 145%. Treasury Secretary Scott Bessent added that the tariff war between the United States and China is unsustainable and expressed hope for de-escalation. 

Bitcoin’s rally also saw altcoins surge higher over the last 24 hours. Ether, the second-largest cryptocurrency by market cap, is trading around $1,800 after adding 13.5% to its value.

XRP is up 7% while Solana (SOL) added 9% to its value to now trade at $151.68. Dogecoin and ADA are up 13% and 10% respectively, while Binance’s BNB only added 3% to its value.

Bitcoin’s rally saw over $280 million worth of Bitcoin shorts liquidated in the last 24 hours. 

JUST IN: $280,000,000 worth of Bitcoin shorts liquidated in the past 24 hours.

— Watcher.Guru (@WatcherGuru) April 23, 2025

Thanks to the ongoing rally, the total cryptocurrency market cap is approaching the $3 trillion mark once again.