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Bitcoin Blasts Past $93K on Trump’s Tariff Pivot and U.S.-China Trade Hopes

Arry Hashemi
Arry Hashemi
Apr. 23, 2025
Bitcoin roared past $93,000 on Tuesday, notching a fresh multi-month high, as investors cheered renewed optimism surrounding U.S.-China trade relations. The crypto market’s rally comes on the heels of remarks by President Donald Trump and Treasury Secretary Scott Bessent suggesting that the long-running tariff war between the world’s two largest economies may soon be easing.
Scott BessentBehind closed doors, Treasury Secretary Bessent called the trade standoff “unsustainable” and suggested quiet efforts may be underway to ease tensions amid mounting economic pressure. (Joshua Sukoff/Shutterstock)

At a press conference at the White House, President Trump signaled a potential shift in policy, stating that the steep 145% tariffs on Chinese imports “will come down substantially,” although he stopped short of promising a full rollback. “They won’t be zero,” Trump clarified, “but we want a better deal with China — one that benefits both countries and strengthens our global position.”

The President’s remarks mark a notable softening of tone after months of escalating tariffs that pushed average rates on both sides into triple digits. China had imposed retaliatory tariffs of up to 125% on key American exports, including semiconductors, soybeans, and electric vehicles, leading to major disruptions in global supply chains and investor uncertainty.

Behind closed doors, At a private JPMorgan-hosted summit, Treasury Secretary Scott Bessent called the U.S.-China trade standoff “unsustainable” and said a deal remained possible. While formal negotiations had not yet begun, he suggested both sides were likely to reduce tariffs, though talks would be a “slog.”

The crypto market reacted swiftly. Bitcoin (BTC) spiked 7% to trade above $93,100, its highest level since December 2024. Ethereum (ETH), Solana (SOL), and Dogecoin (DOGE) posting similar gains.

On-chain data backs up the optimism. According to analytics platform CryptoQuant, exchange inflows of Bitcoin have declined while long-term holder accumulation has increased. This signals that investors are growing more confident in the macro environment, even if headwinds remain.

Beyond crypto, the broader financial markets also reacted positively. The S&P 500 rose 1.3%, while the Nasdaq climbed 1.8% on renewed hopes that the U.S.-China dispute might cool. Semiconductor stocks led the way, with Nvidia, AMD, and ASML all gaining more than 4%.

Global organizations have also weighed in. The International Monetary Fund (IMF) urged both countries to avoid escalating trade tensions, warning that widespread tariff hikes could reduce global GDP by up to 0.8% in 2025 and by as much as 1.3% in 2026, depending on the severity and duration of the measures.

As of now, Beijing has not confirmed any formal trade talks, but Chinese state media and officials have reiterated that “dialogue is preferable to confrontation,” signaling a potential openness to easing tensions.

For crypto investors, the message is clear: Geopolitical shifts remain a potent driver of digital asset performance. If Washington and Beijing move toward resolution, Bitcoin’s bullish momentum may accelerate. But if talks stall or reverse, the current rally could quickly unwind.