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Bitcoin soars 23% to S$123,873 2 weeks after tariffs-induced market convulsion lows
Following comments that U.S. and China trade feud could wind down soon.
April 23, 2025, 05:28 PM
Bitcoin price jumped to US$94,437 (S$123,873) on Apr. 23, slightly more than two weeks after falling to US$76,366 (S$100,169), following a market convulsion caused by tariffs imposed by the United States on imported goods.
Price of bitcoin fell to US$76,366 (S$100,169) on Apr. 7.
Over the course of the last three days, bitcoin rose about 11.4 per cent.
Altcoins Ethereum, XRP and Solana also showed gains of 11 per cent, 5 per cent, and 6 per cent, respectively.
The rally in bitcoin price alongside the broader financial market followed U.S. Treasury Secretary Scott Bessent's statement at a closed-door meeting that the trade feud between the U.S. and China is unsustainable.
According to Bloomberg, he said he expects the feud to de-escalate soon.
However, analysis of bitcoin trading volume showed that the rally might not be sustained.
The weakening demand from retail and institutional investors might cause bitcoin to struggle to maintain its upward trajectory.
Top photo via Unsplash
