Bitcoin Surpasses $94,000 as Cryptocurrency Market Reaches $3 Trillion
With the rise in the market, Bitcoin (BTC) exceeded $94,000 today, bringing the total cryptocurrency market value to the $3 trillion limit.
The rally comes on the heels of a significant shift in tone by the Trump administration on U.S. monetary policy and international trade. U.S. Treasury Secretary Scott Bessent signaled a de-escalation of tensions with China, while President Donald Trump dismissed speculation that Fed Chair Jerome Powell would be fired and hinted at possible tariff cuts on Chinese goods. The policy shift has renewed optimism in global markets.
“Our fears about tariffs seem to have reached their maximum,” said Aurelie Barthere, chief research analyst at Nansen. “Markets were waiting for the slightest sign that we were becoming active again.”
The cryptocurrency market responded quickly. According to BRN Chief Research Analyst Valentin Fournier, the rally was intensified by a $554 million short squeeze, roughly half of which was concentrated in Bitcoin positions. Ethereum accounted for about 25% of the total liquidations.
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“This has pushed Bitcoin above the critical $90,000 resistance, trading above $93,500,” Fournier wrote in a client report. He added that the rally could signal the start of a new accumulation phase as institutional investors return to the digital asset space after a period of sustained outflows.
“The easing of tariff tensions also supported a broader risk uptick, lifting equity markets and reviving risk appetite across asset classes,” Fournier said.
However, market watchers urged caution amid the euphoria. Fournier noted that Bitcoin appeared overbought from a technical perspective and could face a short-term pullback. Bitfinex analysts also agreed with this view, saying that a sustained rally would depend on Bitcoin maintaining the $90,000 level with strong spot market volume and controlled funding rates.
*This is not investment advice.