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Bitcoin Climbs Higher as US Seeks to Ease Trade, Fed Tensions

Bitcoin continued to climb after US President Donald Trump said he had no intention of firing Federal Reserve Chair Jerome Powell, easing concerns over the central bank’s autonomy.

The largest cryptocurrency rose to $93,423.83 at 1:30 p.m. in Singapore on Wednesday. Smaller tokens including Ether, XRP, Solana also rose.

Bitcoin topped $90,000 on April 22 in a sign it was breaking free of a longstanding tendency to move in the same direction as US stocks. But the token then rose in line with stocks and the dollar after Trump’s comments on Powell and amid optimism that trade tensions may be easing. Treasury Secretary Scott Bessent told a closed-door investor summit Tuesday that the tariff standoff with China cannot be sustained by both sides and that the world’s two largest economies will have to find ways to de-escalate.

Trump Says Crypto Needs Regulatory Certainty

U.S. President Donald Trump said on Tuesday that the crypto industry needs regulatory certainty and clear rules of the road that Securities and Exchange Commission Chairman Paul Atkins will work on providing.

"He's the perfect man to lead this agency at a time when crypto innovators are urgently in need of and they want so badly, they want it to happen, regulatory certainty and clear rules of the road," Trump said, speaking at Atkins' swearing in as the SEC chairman.

SEC Chair Atkins: Top Priority Is to Have Firm Foundation for Digital Assets

Paul Atkins, who was sworn in as the chairman of the Securities and Exchange Commission at the White House on Tuesday, said his top priority will be to have a firm foundation for digital assets and keep politics out of securities laws.

Cantor Nears $3 Billion Crypto Venture with SoftBank and Tether

Brandon Lutnick, son of U.S. Commerce Secretary Howard Lutnick and chair of brokerage Cantor Fitzgerald, is partnering with SoftBank, Tether and Bitfinex to create a multibillion-dollar bitcoin acquisition vehicle, the Financial Times reported on Tuesday.

The vehicle, Cantor Equity Partners, will use the cash to create a new firm, called 21 Capital. It will receive $3 billion in bitcoin from the other cryptocurrency investors and trading firms, the report added, citing unnamed sources.

Tether would contribute $1.5 billion of bitcoin, while SoftBank and Bitfinex would contribute $900 million and $600 million, respectively, of the digital currency, according to the report.

Trump Media Pushes Forward with Pivot to Crypto, ETF Plans

U.S. President Donald Trump's social media firm, Trump Media & Technology Group , said on Tuesday it had reached a binding agreement to roll out an array of retail investment products, including crypto, in its latest bid to diversify into financial services.

The plan, including a series of exchange-traded funds aligned with Trump's America First policies, followed news of a preliminary agreement reached last month between Trump Media and Crypto.com, a digital asset platform with ties to broker-dealer Foris LLC, and Yorkville America Digital, an affiliate of Yorkville Advisors, a New Jersey-based investment advisory and asset management firm.

Trump Media, which runs the Truth Social streaming and social media platform, said the funds are expected to launch later this year, subject to regulatory approval, and will be widely available in the U.S. and abroad. So far, no ETF filings have been submitted to the Securities and Exchange Commission website.

Bitcoin Spot ETF Flow

The overall net inflow of the US Bitcoin spot ETF on Tuesday was $936.43 million. The total net asset value of Bitcoin spot ETFs is $103.34 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 5.71%.

Source: SoSoValue

The Bitcoin spot ETF with the highest net inflow on April 22 was ARK 21Shares Bitcoin ETF (ARKB), with a net inflow of $267.1 million. Following that was Fidelity Wise Origin Bitcoin Fund (FBTC), with a net inflow of 253.82 million, according to SoSoValue.

Source: SoSoValue