title: Bitcoin (BTC) price reaches six-week high as US-based BTC ETFs record $936.4 million net inflow

Bitcoin rose by 6.5% to a six-week high of $94,000. Its market dominance reached 63.4% — market cap sitting at $1.85 trillion — for the first time since January 2020. This suggests that Bitcoin's bullish momentum was a key driver for the altcoin ecosystem.

The broader altcoin market started to see increased gains on Tuesday, April 22, as both fundamental indicators and macro conditions turned in favor of financial markets.

Key Points:

* Bitcoin price rose by 6.5% to a six-week high of $94,000.

* The US-based spot BTC exchange-traded funds recorded a net inflow of $936.4 million.

* Ethereum price also gained 14% in the past 24 hours to $1,800.

The crypto market capitalization increased by 7% to $2.94 trillion, with a daily trading volume of $134 billion. The CMC fear and greed index also recorded a sudden spike above the 50 mark.

The crypto market started to see increased gains as both fundamental indicators and macro conditions turned in favor of financial markets. Notably, the US-based spot Bitcoin (BTC) exchange-traded funds recorded a net inflow of $936.4 million on Friday, April 22.

This brought the seven-day total to $3.46 billion, the third-largest weekly inflow into the Bitcoin-based investment products, according to data from SoSoValue. The apex coin’s market cap reached $1.85 trillion for the first time since January 2021.

The broader altcoin market also saw gains as the crypto market capitalization increased by 7% to $2.94 trillion, with a daily trading volume of $134 billion.

Additionally, the CMC fear and greed index also recorded a sudden spike above the 50 mark, showing increased investor confidence in the asset class.

The reason why the crypto market is seeing a strong buying spree, similar to the November 2024 elections, is a combination of micro and macro catalysts.

Firstly, whale accumulation acted as one of the key drivers. Large holders have been buying leading assets like Ethereum, Solana, and Dogecoin, to name a few.

It’s important to note Strategy’s $555 million Bitcoin purchase on Thursday.

Secondly, the daily crypto liquidations also skyrocketed to $629 million, $74 million longs and $555 million shorts, according to CoinGlass data.

Most notably, the increased investor confidence in the financial markets has been reinforced after US President Donald Trump announced that the 145% tariffs on China will likely fall.

According to The Hill, Trump expressed optimism, saying that “It [tariffs] won’t be that high”.

However, he declined to disclose the specific percentage reduction that is being negotiated with the Biden administration.

“We’re tying it up, and it'll be a tremendous factor. They’ll be able to sell their products in this country at a level that they’ve never sold before,” Trump added.

The president’s comments come ahead of a crucial meeting with Biden administration officials to discuss reducing the tariffs that were imposed during his presidency.

The tariffs, which covered a wide range of goods, including consumer electronics and food, were part of Trump's effort to decrease the trade deficit with China and protect American jobs.

But they also led to increased prices for consumers and businesses in the United States.

The Biden administration has expressed openness to reducing some of the tariffs, which are set to expire in early 2025.

The administration is particularly interested in reducing tariffs on products that are used in the supply chains of American businesses, such as solar panels and semiconductors.

However, Biden administration officials have said that they will not make any hasty decisions and that they will carefully consider all of the implications of any tariff reductions.

"We're going to be looking at it very closely and making sure that we're making decisions that are in the best interest of the American people," said one administration official, who requested anonymity to discuss private conversations.

The tariffs have been a source of contention between the two administrations, with Trump arguing that they were necessary to protect the American economy and Biden administration officials saying that they have led to higher prices for consumers and businesses.

The meeting between the Trump and Biden administration officials is expected to take place in the coming weeks. It will be part of a broader effort by the two administrations to cooperate on issues of mutual interest.

output: Bitcoin price today rose by 6.5% to a six-week high of $94,000, pulling the broader altcoin market with it.

The US-based spot BTC exchange-traded funds recorded a net inflow of $936.4 million, bringing the seven-day total to $3.46 billion.

This was the seventh-largest daily inflow into the Bitcoin-based investment products, and the largest since February 4, data from SoSoValue showed.

The crypto market capitalization increased by 7% to $2.94