Bitcoin surged past $90,000 after a series of positive macroeconomic developments, including U.S. President Donald Trump’s decision to delay tariffs on auto parts from Canada and Mexico. This move, alongside Germany’s infrastructure spending plan and China’s decision to increase its budget deficit, boosted risk markets, driving crypto assets higher. Bitcoin rose 3.7% in the last 24 hours, leading the charge in the crypto market, with other assets like Bitcoin Cash (BCH), Chainlink (LINK), and Aptos (APT) also posting significant gains.
Bitcoin’s strong price action has set the tone for the broader cryptocurrency market, with major altcoins also seeing gains. Ethereum (ETH) is currently priced at $2,277.72, reflecting a 4.3% increase in the last 24 hours. XRP (XRP) is trading at $2.52, having risen by 0.3% in the past 24 hours. BNB (BNB) has seen a 2.0% increase, currently priced at $601.39. Solana (SOL) is priced at $149.12, showing a 3.5% increase over the last 24 hours. Cardano (ADA) is trading at $0.961, up by 0.5%, while Dogecoin (DOGE) is priced at $0.2087, reflecting a 3.1% increase in the past 24 hours.
Impact of Tariff Delay on Bitcoin and Risk Markets
The announcement that the U.S. would delay tariffs on auto parts from its North American trading partners by a month eased investor concerns about escalating trade tensions, sparking a rally in risk markets. The easing of geopolitical pressure helped push Bitcoin and other cryptocurrencies upward. Additionally, the U.S. dollar index fell to its lowest level since November, which likely contributed to the rise in crypto prices. The combination of lower tariffs and a weakening dollar created an environment where Bitcoin’s status as a store of value became more attractive.
Bitcoin’s Fundamentals Remain Strong
Despite recent pullbacks in Bitcoin’s price, the Swissblock Bitcoin Fundamental Index signals a shift into a bullish quadrant. Analysts believe the recent correction in Bitcoin’s price is merely temporary, and the fundamentals are aligning for long-term growth. This positive outlook suggests that the bear market may not be on the horizon, with Bitcoin continuing to show strength as a digital asset in uncertain times.
Broader Market Trends and Global Impact
The broader market, including traditional stocks, also reacted positively to the tariff delay. The Nasdaq and S&P 500 saw gains, reflecting a general optimism about risk assets. In the crypto sector, exchange stocks like Coinbase (COIN) and Bitcoin-related companies like Strategy saw significant price jumps, aligning with Bitcoin’s bullish move. Analysts are increasingly confident that Bitcoin will continue to be well-supported during market dips, especially as investors seek a safe haven from global risks.
Quick Facts:
- Bitcoin rose above $90,000 after a tariff delay on auto parts, up 3.7% in the past 24 hours.
- Other crypto assets like BCH, LINK, and APT also posted significant gains alongside Bitcoin.
- The U.S. dollar index hit its lowest point since November, boosting Bitcoin’s appeal as a store of value.
- The Swissblock Bitcoin Fundamental Index shows a bullish shift, suggesting Bitcoin may continue to thrive despite recent market corrections.
