Bitcoin's jump comes after the coin took a hit earlier this month and traded below $75,000, following announcements from President Trump about his planned "reciprocal" global trade tariffs.
The stock market and other "risk-on" assets also took a beating and have since recovered—but Bitcoin has recovered more.
"Crypto's behavior the last few days has been different to stocks," GSR Research Analyst Carlos Guzman told Decrypt. "[Crypto investors] thought the worst of tariff news was over, and investors are buying back in," he added, noting that Bitcoin's narrative as a store-of-value asset is strengthening.
Bitcoin and other major crypto assets have in the past traded with U.S. equities—in particular, tech stocks.
The new Bitcoin ETFs have received huge amounts of cash from bullish investors: Since Monday, investors have pumped over $2.6 billion into the funds, data from Farside Investors shows.
Investors shorting Bitcoin and other cryptocurrencies are having their positions closed due to the crypto market's rise. CoinGlass data shows that over the past day, nearly $300 million in positions have been liquidated, with shorts making up $193 million worth.
Of that number, almost $78 million were in Bitcoin short positions—speculators betting on the asset to drop in price.
Other major digital coins and tokens such as Solana, Dogecoin, and Ethereum have all risen significantly over a seven-day period. Solana was recently trading at $152, while Dogecoin was priced above $0.19. Ethereum, the second-biggest coin, was recently trading for $1,800.
Edited by Andrew Hayward
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