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Why Is Bitcoin Price Up Today? Here’s What’s Fueling the Surge
Bitcoin’s price has been on a tear recently, soaring 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.
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 stark contrast highlights 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.
Source: https://coinpedia.org/news/why-is-bitcoin-price-up-today-heres-whats-fueling-the-surge/
