Cryptocurrency Bitcoin Reaches 6-Week Top at $89,000 with Influence at 4-Year Maximum
Bitcoin's ascension fueled this week, as it touched a six-week peak of $88,900 during Asian trading on Tuesday morning. This high marks a significant uptick since March 7, according to CoinGecko, representing a staggering 18% gain since plunging to $75,000 earlier in April.
The cryptocurrency's resurgence seems to have rekindled its correlation with gold, which hit an all-time high just below $3,500 per ounce this week. As investors flock to safe-haven assets, Bitcoin and gold are now aligning for the first time in months.
While traditionally tethered to the financial market, Bitcoin appears to be exhibiting signs of decoupling. Satoshi Action Fund founder Dennis Porter remarked that the market is "massively bullish," despite US stock markets starting the week in the red, with daily losses of around 2.5% across the S&P 500, Nasdaq, and Dow Jones.
The ongoing tussle between President Donald Trump and Federal Reserve chair Jerome Powell continues, with Trump labeling Powell a "major loser" for failing to reduce interest rates. Consequently, the S&P 500 has erased $2.5 trillion since its April 9 high following the 90-day tariff "pause."
Economist Alex Kruger posited that the US is attempting "economic suicide," with nations retaliating against those who cooperate with the US, ultimately leading to widespread dumping of US assets.
Bitcoin dominance has also reached a four-year high, hitting 64.6% on April 22, as altcoins fail to move and Ethereum continues to weaken. Over $350 billion has entered crypto markets since the April 7 dip, but the majority of that has flowed into Bitcoin. Altseason remains a distant prospect, as most altcoins are down on the day, with Ethereum tanking back below $1,600, XRP falling back towards $2, Binance Coin dipping below $600, and Solana weakening to $135.
Binance is offering an exclusive $600 welcome offer to new accounts registered through this link, while Bybit extends a limited-time, $500 free position offer on any coin with this link.
- The surge in Bitcoin's value has continued, reaching a six-week peak of $88,900 during Asian trading on Tuesday morning, as predicted by some in the crypto trading community.
- Notably, Bitcoin's recent performance seems to have mirrored that of gold, which touched an all-time high of nearly $3,500 per ounce this week.
- Despite the ongoing volatility in traditional stock markets, Bitcoin appears to be decoupling, with its market showing signs of being "massively bullish," according to Satoshi Action Fund founder Dennis Porter.
- Meanwhile, the ongoing political tussle between President Donald Trump and Federal Reserve chair Jerome Powell has led to significant losses in US stock markets, with the S&P 500 erasing $2.5 trillion since its April 9 high.
- Economist Alex Kruger has warned that the US's economic policies could lead to widespread dumping of US assets, as other nations retaliate against those who cooperate with the US.
- In the crypto market, Bitcoin dominance has reached a four-year high, with over $350 billion entering the market since the April 7 dip, and most of those funds flowing into Bitcoin rather than altcoins.
- For those looking to enter the crypto market, Binance is offering a welcome offer of up to $600 to new accounts registered through a specific link, while Bybit is offering a limited-time, $500 free position offer on any coin registered through another link.
