- April 23, 2025
- Posted by: admin
- Category: BitCoin, Blockchain, Cryptocurrency, Investments
The post Why Is Bitcoin Price Up Today? Here’s What’s Fueling the Surge appeared first on Coinpedia Fintech News
Bitcoin Price today has soared nearly 11.7% over the past week and 5.9% in the last 24 hours, defying broader market turmoil. While U.S. stock prices have plummeted due to escalating tariff tensions and a weakening dollar, Bitcoin is rallying, alongside gold, sparking fresh debate about its role as a safe-haven asset.
Bitcoin Price Surges as Stocks Sink: What’s Driving the Divergence?
Since April 19, Bitcoin has climbed over 10.7%, while the S&P 500 and Nasdaq 100 have fallen 5.25% and 4.27%, respectively. This sharp contrast points to a potential decoupling between crypto and equities. Bitcoin’s 30-day correlation with the S&P 500 currently stands at 0.65, indicating a partial break from traditional market trends.
The rally was triggered by U.S. Treasury Secretary Scott Bessent’s recent statement suggesting that the ongoing tariff standoff with China is unsustainable, encouraging risk-on sentiment in the crypto market.
Weakening US Dollar and Fed Pressure Fuel the Rally
The US Dollar Index (DXY) has dropped by 4.81% this month, including a 0.77% fall on April 21 alone. This decline comes amid President Trump’s pressure on Fed Chair Jerome Powell to cut interest rates. A weaker dollar has historically boosted Bitcoin, and that’s exactly what the market is witnessing now. Since April 21, BTC has surged nearly 9.93%, reaching $93,637.39.
Bitcoin Mirrors Gold: Is It Becoming a Safe-Haven Asset?
Interestingly, Bitcoin’s price action is now moving in tandem with gold. The gold price has risen by 11.37% since April 9, with a 2.83% increase in the past week, closely mirroring Bitcoin’s 11.7% rise in the same timeframe.This parallel movement suggests that Bitcoin is increasingly being treated like gold—a hedge against macroeconomic uncertainty.
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FAQs
A weaker dollar boosts Bitcoin’s appeal as a store of value, often leading to increased demand and price surges.
With increased adoption, the price of 1 Bitcoin could reach a height of $901,383.47 in 2030.
As per our latest BTC price analysis, Bitcoin could reach a maximum price of $13,532,059.98
By 2050, a single BTC price could go as high as $377,949,106.84
