Bitcoin Soars As Trump Softens China Tariffs Stance, Keeps Powell

Bitcoin surged past $94,000 for the first time in almost two months after President Donald Trump softened his stance on China tariffs and pledged not to fire Federal Reserve Chair Jerome Powell.

Speaking at a White House press conference, Trump said the US will be ”very nice” to China and that tariffs will ”come down substantially” if the two sides can reach a deal. He added that Powell will remain in his role, signaling continuity at the Fed amid investor concerns over future monetary policy.

The reassurances sparked bullish momentum across crypto markets, lifting Bitcoin more than 6% to top $94k at 4:10 a.m EST, its highest level in seven weeks. The meme coin sector surged 14%, with Dogecoin, Shiba Inu and Pepe all logging double-digit gains as risk-on appetite returned.

Bitcoin ETF Inflows Hit Almost $913M

Institutional investors upped their exposure to the leading crypto, with inflows for US spot Bitcoin ETFs (exchange-traded funds) reaching $912.7 million yesterday. That was the highest net daily inflows since Jan. 17, according to Farside Investor data.

𝗕𝗶𝘁𝗰𝗼𝗶𝗻 𝗘𝗧𝗙 𝗙𝗹𝗼𝘄 (𝗨𝗦$ 𝗺𝗶𝗹𝗹𝗶𝗼𝗻) – 2025-04-22

TOTAL NET FLOW: 912.7

IBIT: 193.5FBTC: 253.8BITB: 76.7ARKB: 267.1BTCO: 18.3EZBC: 10.6BRRR: 0HODL: 6.5BTCW: 0GBTC: 65.1BTC: 21.1

For all the data & disclaimers visit:https://t.co/Wg6Qpn0Pqw

— Farside Investors (@FarsideUK) April 23, 2025

BTC’s surge also resulted in liquidations totalling over $624 million, according to Coinglass data. Much of the liquidated amount in the last 24 hours came from short traders who had been anticipating a drop in crypto prices. These positions accounted for more than $552 million of the liquidations in the past trading session.

Meme Coins Surge 14% As DOGE, SHIB And PEPE Soar

Meme coins were among the best performers in the crypto market, and saw their combined market cap surge more than 14%.

Sector leaders Dogecoin (DOGE), Shiba Inu (SHIB) and Pepe (PEPE) all soared by more than double-digits, adding to their impressive weekly performances.

DOGE saw its price soar over 12%, pushing its weekly gain to over 18%, while SHIB and PEPE recorded gains of 11% and 15%, respectively.

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