Bitcoin Prices Rally To 6-Week High As Bullish Factors Fuel Gains
The world's most prominent cryptocurrency reached roughly $93,840 today, according to Coinbase data from TradingView. At this point, it was trading at its highest point since roughly March 3.
The digital asset has been benefiting from a broad, upward trend over the last few weeks, after repeatedly falling below $75,000 earlier in April, additional Coinbase figures from TradingView reveal. The digital currency has climbed approximately 25% since reaching that intramonth low.
When asked to explain bitcoin's latest price movements, analysts highlighted several key factors, including anticipation surrounding a possible de-escalation of the so-called trade war and the fact that U.S. Securities and Exchange Commission Chairman Paul S. Atkins, who was nominated by President Donald Trump following his electoral victory, assumed his new position yesterday.
The new SEC head has formally taken the reigns of the highly visible regulatory body, which was up until recently led by interim chief Mark Uyeda, who Trump named acting chairman on January 21.
Pierce Crosby, managing partner of strategy consulting firm Merchant Seven, commented on Atkins taking the reins of the nation's premier securities regulator, stating via email that 'No doubt the new SEC chair is a very prominent component of the new regime shift towards positive performance.'
However, he added that what had an even greater impact on the markets was 'the language from Secretary [Scott] Bessent around the current trade war or tariff war, between China and the US.'
Earlier today, Bessent stated in a private speech that the current tariff situation involving the U.S. and China is not 'sustainable,' according to The Associated Press, which was able to obtain a transcript of this speech.
Crosby emphasized the importance of this communication, stating that 'such a statement by a top official signals a very bullish sentiment for the near-term from the administration.'
Several analysts pointed out that bitcoin has been rising along with risk assets as of late. Tim Enneking, managing partner of Psalion, highlighted this development, stating via email that 'BTC has been highly correlated with equity markets (especially US equity markets) this year in particular.'
'Basically, as the average profile of BTC traders becomes more institutional, BTC has been lumped in with all 'risk on' assets,' he continued.
George Kailas, CEO of Prospero.ai, also weighed in, stressing that a major cause of bitcoin's recent gains was 'the way risk based assets are moving around tariffs."
"And BTC is acting much more like a high growth tech stock around this than say gold which has done very well with tariff risk," he added. 'I make that comparison because that was often the promise of BTC when people talked about its 'future.' No, on the contrary it looks like a 24 hour way to trade market/growth risk that is also attracting a lot of leverage.'
The crypto/blockchain space is benefiting from positive developments like greater institutional involvement and rising asset prices now that the SEC is under new leadership, one analyst claimed.
'This rally is the kind of thing that happens when the market sees that the grown-ups are finally taking over. Paul Atkins stepping in at the SEC is something that the industry is interpreting as a major signal for altcoin ETFs and a broader institutional unlock,' Mike Cahill, CEO of Douro Labs, stated via email.
'Bitcoin's not just reacting to the macro anymore—it's doing what it was always meant to do: front-run policy. At the same time, institutions are no longer asking if they should enter the crypto space; now, they're figuring out how deep they want to go,' he stated.
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