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Crypto Price Surge: What’s Driving Today’s Increase?

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Crypto Price Surge: What’s Driving Today’s Increase?

Jakarta, Pintu News – On April 23, the crypto market saw a significant recovery with Bitcoin (BTC) breaking back through the $94,000 level. This also lifted the value of other cryptocurrencies.

Ethereum (ETH) recorded the most gains among large-cap cryptocurrencies with a 10% surge in the last 24 hours, approaching the $1,800 price. Meanwhile, Solana (SOL) and Ripple (XRP) also saw gains of 8%, breaking $150 and $2.2 respectively.

Key Causes of Crypto Market Recovery

The recovery that took place in the crypto market this time was triggered by several significant macroeconomic factors. According to market analysts, one of the main drivers is the potential de-escalation of tariff tensions between the United States and China. The US Treasury Secretary, Scott Bessent, stated that the standoff with China is ‘unsustainable’ and a de-escalation is expected.

In addition, President Donald Trump abandoned his intention to fire Fed Chairman Jerome Powell. In an interview, Trump stated that he has no intention of firing Powell and would like to see him be more active in lowering interest rates. These two macro factors have been the main drivers behind the recent selling of US dollar-based assets and the decoupling of Bitcoin (BTC) from US stocks.

Also Read: 7 Ways to Save Dollars (USD) for Maximum and Effective Use

Market Projections and Expectations

With these perceived positive macro changes, Bitcoin (BTC) and other risky assets experienced sharper gains. In fact, institutional demand increased to levels last seen in January, with daily inflows reaching $936 million into US spot BTC ETFs on Tuesday.

Arthur Hayes, founder of BitMEX, projected that the BTC rally could extend to $110,000 and $200,000, citing the potential for increased dollar liquidity. Tracy Jin, COO of crypto exchange MEXC, also shared a similar view. Jin stated that BTC is still open for bidding at current levels. “This portfolio diversification scenario could push Bitcoin to reach new record highs in the $150,000-$200,000 range, followed by a gradual decrease in volatility,” Jin said.

Implications for Investors and Markets

This rise in crypto prices provides an opportunity for investors to reconsider their investment strategy in crypto assets. With increased interest from both the institutional and retail side, the crypto market is showing signs of more maturity and stability. This could be a good indicator for those looking for asset diversification and long-term profit potential.

However, it is important to remember that the crypto market remains a high-risk investment. Every investor is advised to conduct in-depth research before making an investment decision. A sharp rise like the recent one could be followed by equally intense volatility.

Conclusion

With various favorable macroeconomic factors and optimistic projections from experts, the crypto market currently offers many opportunities but also risks. The decision to invest should be based on careful analysis and a deep understanding of market dynamics.

Also Read: 7 Ways to Get Passive Income from Crypto 2025, Simple!

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