Bitcoin surged over 6% on Wednesday, hitting a seven-week high, as investors cheered U.S. President Donald Trump’s withdrawal of threats ...
The world’s largest cryptocurrency surged 6.3% to $93,811.0 by 02:35 ET (06:35 GMT) to hit its highest level since early March.
Trump eases Fed, tariff rhetoric; boosts risk appetite
The surge came after U.S. President Donald Trump walked back recent threats to remove Federal Reserve Chair Jerome Powell, a move that had rattled investors concerned about central bank independence.
Trump also signaled a potential easing of trade tariffs on China, fueling hopes for a more stable economic outlook.
Trump asserted that the U.S. is "doing fine with China" and other countries.
Bitcoin, known for its volatility, has been trading in a tight range for weeks amid uncertainty over U.S. monetary policy and a mixed macroeconomic backdrop.
But Wednesday’s move reflects renewed confidence that a less aggressive trade posture from the White House could support asset prices.
Cantor nears $3 bln crypto SPAC venture with Softbank (OTC:SFTBY), Tether- FT
A venture led by Brandon Lutnick, chair of brokerage Cantor Fitzgerald, is joining forces with SoftBank Group (TYO:9984), Tether, and Bitfinex to invest billions of dollars in crypto, the Financial Times reported on Tuesday, citing people with knowledge of the matter.
The group plans to invest in crypto through a special purpose acquisition company (SPAC), aiming to replicate MicroStrategy’s Bitcoin-focused strategy, according to the report.
The SPAC will receive $3 billion in Bitcoin from the partners and plans to raise an additional $550 million in bonds and equity to expand its holdings, the FT reported.
The venture also reflects a broader bet on a potential crypto resurgence under Donald Trump, who has pledged to support more crypto-friendly policies. It remains unclear whether the SPAC will focus solely on Bitcoin or include other crypto assets, the report added.
Crypto price today: altcoins surge, Ethereum jumps over 13%
Altcoins were also trading sharply higher on Monday amid a broader increase in appetite for risk assets.
World no.2 crypto Ethereum surged 13.5% to $1,796.57.
World no. 3 crypto XRP jumped 7.7% to $2.2358.
Solana rose 8.8%, while Cardano advanced 11.4%, and Polygon added 5.4%
Among meme tokens, Dogecoin surged nearly 13%, while $TRUMP was trading 14% higher.