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

The post Why Is Bitcoin Price Up Today? Here’s What’s Fueling the Surge appeared first on Coinpedia Fintech News

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.

Also Read :   Why Crypto Market Is Up Today? Bitcoin Price Surge Past $93K   ,

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.