XRP's gains coincided with bitcoin (BTC) extending its gains from Tuesday amid tariff developments, boosting risk sentiment.
Bitcoin (BTC) extended its gains from Tuesday amid tariff developments, boosting risk sentiment. Gold dove 2.75% on Monday after US Treasury Secretary Scott Bessent signaled a de-escalation in the US-China trade war. President Trump also hinted at lower tariffs. The Nasdaq Composite Index rose 2.50% in response.
The US administration’s U-turn on China could be crucial for BTC’s price trajectory. BTC plunged from a January 2024 record high of $109,312 to a March 7 low of $74,394 on US tariffs and the escalation in the US-China trade war. A US-China trade deal could trigger a BTC rebound.
US BTC-Spot ETF Inflows Reflect Bullish Sentiment
The de-escalation in the US-China trade war has also boosted demand for US BTC-spot ETFs. On April 22, US BTC-spot ETF issuers recorded $912.7 million in total net inflows, the highest since $975.6 million of inflows on January 17. Inflows continued on April 23, contributing to Wednesday’s upswing. According to Farside Investors:
Eric Balchunas commented on the recent surge in BTC-spot ETF inflows, stating:
The spot bitcoin ETFs went Pac-Man mode yesterday, +$936m, $1.2b for week. Also notable is 10 of 11 of the originals all took in cash too. Good sign to see flow depth vs say IBIT doing 90% of the lifting. Price up $93.5k. Pretty strong all things considered IMO.
BTC Price Outlook: Key Catalysts Ahead
On April 23, BTC rose 0.39%, building on Tuesday’s 6.72% breakout and closing at $93,745.
Looking ahead, key factors to watch include:
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