Cryptocurrencies are recording collective gains this morning, Wednesday, April 23, with renewed momentum, rising liquidity, and increased market value. Bitcoin, the world’s most valuable cryptocurrency, reclaimed $93,000 after Trump eased market concerns about the independence of the US Federal Reserve, in addition to a sense of optimism in the markets due to the easing of trade tensions.
The US President announced in a statement to reporters late Tuesday that he has no intention of removing Jerome Powell from his position as Chairman of the Federal Reserve, and that the media had over-interpreted his recent statements, indicating that he would like to see the Federal Reserve more proactive regarding the idea of ​​cutting interest rates.
On the other hand, reports from a closed-door meeting between US Treasury Secretary Besant and investors supported calming the markets. Besant confirmed that the trade confrontation with China cannot continue and that he expects the situation to calm down soon. These statements bolstered global markets, particularly the cryptocurrency market. The combined market capitalization of the cryptocurrency market, which includes more than 17,000 digital currencies, rose by approximately 4.4% on Wednesday, according to Coingecko, a website that includes more than 17,000 digital currencies. Bitcoin is trading at $93,581,000, up approximately 5.81% this morning, with a market capitalization estimated at $1.875 trillion. The market capitalization increased by $58 billion in the last 24 hours alone, trading at its highest level since early March. Figures indicate that Bitcoin exchange-traded funds in the United States saw inflows of $936 million on Tuesday alone, the third-highest investment inflow this year.
Some reports indicate that Cantor Fitzgerald Ltd., Tether Holdings, and SoftBank Group are in talks to form a $3 billion investment fund that would boost the cryptocurrency market. Ethereum, the second-largest cryptocurrency, rose by approximately 10.35% to trade at $1,796,000, with a market cap of $216.82 billion, with $24 billion in the last 24 hours.
XRP, or Ripple, continues to maintain its position as the world’s fourth-largest cryptocurrency by market cap, rising by approximately 8% today to trade at $2.27, with a market cap of $132 billion.
Dogecoin recorded gains of approximately 11%, trading at $0.1819, with a market cap of $27 billion. Cardano, meanwhile, rose by approximately 9.89% to trade at $0.6999, with a market cap of approximately $25 billion. Solana is up around 9.55%, trading at $152 with a market cap of $78 billion, while Sui is the top gainer in the top 20, up 25%, trading at $2.89 with a market cap of $9.38 billion.