Why Is Bitcoin Price Up Today? Here’s What’s Fueling the Surge

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.

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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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