Bitcoin prices appreciated today, climbing to their most inflated value since early March as the digital currency benefits from multiple bullish developments.
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.
Risk Assets Climb
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.”
