Bitcoin surges 23% in two weeks, fueled by easing global tensions and market confidence recovery
Bitcoin rebounded sharply to S$123,873 on April 23, just two weeks after plunging amid to U.S. tariff-driven market turmoil, signaling a broader recovery in the crypto currency market.
Tariff Concerns Ease, Markets Rebound
Bitcoin soared from a recent low of US$76,366 (S$100,169) on April 7 to US$94,437 (S$123,873) by April 23, marking a 23% rebound. The rally follows U.S. Treasury Secretary Scott Bessent’s private comments indicating the prolonged trade feud between the United States and China may be nearing resolution, sparking renewed optimism across global markets.
President Donald Trump’s shift in rhetoric on China tariffs—alongside his assurance that Federal Reserve Chair Jerome Powell would not be dismissed—helped calm investor nerves. The crypto market reacted positively, with total capitalization surging 4.2% in just 24 hours to surpass US$3.03 trillion for the first time since March 7.
Bitcoin and Altcoins Lead the Charge
Bitcoin’s reached its highest level since early March, with a 5.6% rise in 24 hours. Ethereum followed suit, climbing past US$1,800 for the first time since April 6, while XRP and Solana posted 8% and 6% gains, respectively. As per Kraken’s price feed, ETH traded at US$1,796.91, XRP at US$2.27, and Solana at US$152.39 at press time.
Meme Coins and Emerging Tokens Rally
Smaller cryptocurrencies also saw substantial gains. Immutable jumped 40% to US$0.6644, Sui rose 23% to US$2.87, and Bonk gained 20%. The meme coin sector experienced a 17% market cap surge, with Dogecoin, Shiba Inu, and Pepe rising 11%, 8%, and 12%, respectively. Even “Official Trump,” the meme coin launched by Trump himself, gained over 9%, trading at US$9.35.
Analysts Cautious Despite Gains
Despite the rally, analysts remain cautious about its sustainability. Trading volume data shows weaker-than-expected activity from both retail and institutional investors, raising concerns that the current momentum could lose steam without more consistent inflows and stronger macroeconomic support.
While optimism has returned to the crypto market, its vulnerability to geopolitical events remains evident. The recent market convulsions caused by tariff policy illustrate how quickly investor sentiment can shift. Experts warn that any reversal in U.S.-China relations or renewed macroeconomic tension could once again trigger price corrections.
This recovery will likely serve as a litmus test for the cryptocurrency market’s long-term maturity. As traditional finance sectors watch closely, the next few weeks will determine whether Bitcoin’s rally is a short-lived bounce or the beginning of a sustainable bullish trend across digital assets.
The crypto market’s rebound offers a promising outlook for traders and investors in Southeast Asia. Indonesians following global investment trends and Singaporeans with deep crypto engagement see in this rally a potential turning point—but one that requires caution, discipline, and close attention to policy changes in major economies.
Sources: Mothership (2025), Yahoo Finance (2025)
Keywords: Bitcoin, Cryptocurrency Market, China Tariffs, Crypto Rally, Ethereum, Trump News
