Bitcoin saw a slight uptick on Thursday following a significant rally the day before, as investors took profits after pushing the cryptocurrency to a seven-week high. At 5:11 p.m. ET (22:11 GMT), Bitcoin was priced at $93,550.1, remaining buoyed by easing trade tensions between the U.S. and its major trading partners.
The world’s largest cryptocurrency surged nearly 7% on Wednesday, briefly surpassing the $94,000 mark to reach its highest point since early March.
Easing Trade Tensions Boost Market Sentiment
The price surge was spurred by positive developments in the U.S.-China trade dispute. U.S. President Donald Trump softened his stance on Federal Reserve Chairman Jerome Powell and suggested a potential reduction in tariffs on China. These signals contributed to hopes for a more stable economic outlook, prompting increased risk appetite among investors.
U.S. Treasury Secretary Scott Bessent also commented that the current high tariffs between the U.S. and China are unsustainable, signaling that the Trump administration may be open to easing trade tensions. Further support came from reports indicating that Japan’s Economy Minister, Ryosei Akazawa, is set to visit Washington from April 30 to May 2 for the second round of tariff negotiations. These developments helped boost global market sentiment, leading to increased flows into Bitcoin and other risk-sensitive assets.
Bitcoin Overtakes Alphabet as 5th Largest Asset by Market Cap
On Wednesday, Bitcoin briefly surpassed Alphabet (NASDAQ:GOOGL) to become the fifth-largest global asset by market capitalization, reaching an estimated $1.87 trillion. This milestone placed Bitcoin ahead of major tech companies like Google, Amazon (NASDAQ:AMZN), and Meta (NASDAQ:META), trailing only gold, Apple (NASDAQ:AAPL), Microsoft (NASDAQ:MSFT), and Nvidia (NASDAQ:NVDA) in the global asset rankings. However, following Thursday’s slight dip, Bitcoin slipped back to the eighth position, falling below silver.
Crypto Advocates Push for Swiss National Bank to Buy Bitcoin
As Bitcoin’s price continues to climb, cryptocurrency advocates are intensifying their campaign to persuade the Swiss National Bank (SNB) to include Bitcoin in its reserves. Proponents argue that the instability created by U.S. trade tariffs highlights the need for diversification, with Bitcoin seen as a potential hedge against geopolitical risks.
A referendum campaign launched in December seeks to amend the Swiss constitution, mandating the SNB to hold Bitcoin alongside gold. Luzius Meisser, a board member of Bitcoin Suisse, told Reuters that Bitcoin could provide protection for the SNB against risks tied to its reliance on the U.S. dollar and euro. “Politicians may eventually succumb to the temptation of printing money, but Bitcoin is a currency that cannot be inflated through deficit spending,” he said.
Switzerland has become a prominent hub for blockchain innovation, with the town of Zug, known as “Crypto Valley,” being the birthplace of projects like Ethereum. A recent study by Lucerne University found that 11% of Swiss residents have invested in crypto assets. Despite this, the SNB remains cautious about Bitcoin’s volatility, liquidity, and security risks, and currently holds no digital assets.
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