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Why Is Crypto Up Today? Bitcoin Breaks $97K Amid U.S. Tariff Shift
By: bitcoin ethereum news|2025/05/07 16:45:02
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The crypto market is witnessing a powerful breakout as Bitcoin crosses the $97,000 mark , fueling a broad-based rally across digital assets. In the past 24 hours, the global crypto market cap surged by 1.64% to $2.98 trillion , driven primarily by bullish momentum in Bitcoin and Ethereum. Bitcoin exploded by over $3,500 within hours to hit $97,469 , triggering $55 million in short liquidations . The surge was backed by $24.27 billion in trading volume , with Bitcoin now commanding 64% of the total market dominance . Its Relative Strength Index (RSI) remains at a healthy 66, indicating strong buyer interest without entering overbought territory. Why Crypto is Surging? One major catalyst is the renewed optimism over global trade . The U.S. government announced it is restarting trade negotiations with 18 countries—excluding China . Treasury Secretary Scott Bessent confirmed the move, which markets interpreted as a step toward easing economic tensions. The update sparked a short-lived risk rally , contributing to Bitcoin’s squeeze higher. This tariff news indicates a potential shift in U.S. trade policy under Donald Trump’s influence, as he continues pushing for lower interest rates and friendlier economic terms. Government Adoption Boosts Sentiment Institutional interest hit a new high as New Hampshire became the first U.S. state to approve crypto investments for its treasury . Governor Kelly Ayotte signed a bill allowing the state to allocate funds to top-tier digital assets like Bitcoin, marking a new era of state-level crypto adoption . Adding to the bullish tone, Binance founder CZ predicted Bitcoin could hit $500K to $1M this cycle. He cited growing ETF flows, government accumulation, and sovereign adoption by countries like El Salvador and Bhutan as reasons for the upside potential. Also Read : Robert Kiyosaki Says Bitcoin Is the Better Investment Not Gold or Silver , Altcoins and Meme Coins Ride the Wave While Bitcoin leads the charge, altcoins are tagging along: Ethereum rose 1.02% to $1,824 Solana added 0.90% to $145.67 BNB gained 0.58% to reach $602.30 XRP stood out with a 1.44% daily jump and 4.46% weekly rise Smaller-cap tokens like LAYER and ALPACA saw explosive 30% gains, while meme coins such as GORK and Fartcoin posted eye-catching spikes on decentralized platforms. Market Outlook: Will the Rally Hold? Total crypto trading volume surged 27.35% to $81.48 billion , indicating renewed market participation despite macro uncertainty. All eyes are now on the upcoming Federal Reserve rate decision, with a 97% probability of no change according to the CME FedWatch Tool .While altseason remains muted—measured by an index score of just 24/100—Bitcoin’s rally toward the $100K psychological mark could be the ignition point. Stay ahead with breaking news, expert analysis, and real-time updates on the latest trends in Bitcoin, altcoins, DeFi, NFTs, and more. FAQs Ethereum, Solana, BNB, and XRP gained alongside Bitcoin, while small caps like LAYER and meme coins saw double-digit spikes. With strong momentum, rising ETF flows, and bullish sentiment, Bitcoin is closing in on the key $100K psychological level. U.S. trade negotiations with 18 countries, excluding China, have boosted market sentiment, contributing to the crypto market recover. Source: https://coinpedia.org/news/why-is-crypto-up-today-bitcoin-breaks-97k-amid-u-s-tariff-shift/
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