Bitcoin Skyrockets to $93,500 — What Sparked Today’s Massive Surge? (April 23)

Jakarta, Pintu News – On April 23, 2025, the price of Bitcoin again broke the $93,000 price threshold. According to the BeInCrypto report, this increase occurred after President Trump expressed his views regarding the discourse on replacing Federal Reserve (Fed) Chairman Jerome Powell.

In recent months, the first cryptocurrency has shown an increasingly close relationship with broader economic and political issues. This indicates that macroeconomic factors are increasingly influencing Bitcoin’s price movements.

BTC Hits $93,000, Donald Trump Has No Intention of Firing Jerome Powell

Some time ago, the BeInCrypto page had reported that a change in the leadership of the Fed was likely to occur soon. This report comes amid economic pressure due to trade tariffs imposed by the Trump administration.

Read also: Paul Atkins Just Took Over the SEC — And the Crypto World Is Watching Closely

The report refers to Treasury Secretary Scott Bessent’s statement that the Trump administration plans to interview potential replacements for Jerome Powell.

The difference in views between Trump and Powell on interest rate cuts further strengthens the speculation. On the one hand, Trump is pushing for the Fed to lower interest rates to help Americans deal with the impact of the trade war.

“The Fed would be much better off lowering rates, as U.S. tariffs start to trickle (and ease!) into the economy. Do the right thing,” Trump wrote on the Truth Social platform.

But on the other hand, Powell remains adamant on a more cautious approach in monetary policy and rejects further interest rate cuts. The Fed has even revised its 2025 economic projections significantly downward.

These differing views fueled speculation that Jerome Powell’s position as Fed Chair was under threat. However, in the latest development, Trump stated that he has no plans to fire Powell.

“I have no intention of firing him … I just want him to be a little more active in terms of his desire to lower interest rates. I just want him to be a little more active in terms of his desire to lower interest rates,” Trump told reporters in the Oval Office, cited by Reuters on Tuesday (22/4).

Shortly after this statement, the price of Bitcoin skyrocketed and broke the $93,000 mark. At the time of writing, BTC is trading at $93,506 – up 5.80% in the last 24 hours.

For the record, Jerome Powell’s term as Fed Chair still has about 13 months left.

Bitcoin Benefits from Declining Trust in Governments

BitMEX founder and former CEO Arthur Hayes commented on the Bitcoin market’s quick reaction to the latest political issue.

“Trump says he wants to fire JAYPOW – dollar weakens, BTC soars. Trump says he won’t fire JAYPOW – dollar strengthens, BTC goes up again,” Hayes joked.

These comments highlight how sensitive the market is to political uncertainty in 2025.

Earlier, the US Dollar Index (DXY) fell to a three-year low, largely triggered by President Trump’s push to replace the Fed Chair.

Simultaneously, the price of Bitcoin skyrocketed as investors saw it as a form of hedge against the weakening dollar and inflationary pressures.

While Trump’s stance creates market volatility, fluctuations in the value of the dollar are a positive signal for Bitcoin – reflecting its appeal as a hedge against the instability of the traditional financial system (TradFi).

Bitcoin Considered a Hedge Against Risk

According to Kendrick, Head of Digital Asset Research at Standard Chartered, Bitcoin is increasingly seen as a hedge against risks from the traditional financial system and US government bonds.

Read also: Bitcoin Hits $90K Again Today (April 23) — Is This the Start of a Massive Bull Run?

“In my opinion, Bitcoin is a form of hedging against risk from TradFi and also risk from US government bonds. The threat to fire the Fed Chair falls into the Treasury risk category – so the hedge is active,” Kendrick told BeInCrypto.

Meanwhile, Nate Geraci, President of ETF Store, stated that Bitcoin is benefiting from the decline in public trust in governments and politicians, which has led people to start looking for alternatives.

“I think Bitcoin is one of the biggest beneficiaries of the events of the past few weeks, at least from a philosophical point of view. The erosion of trust in governments and politicians will drive people to look for alternatives. I’m not saying that’s good or bad – but if you think about it logically, it makes sense,” says Geraci.

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.

Reference:

• BeInCrypto. Bitcoin Reclaims $93,000 After Trump Quells Fed Chair Jerome Powell Firing Talks. Accessed on April 23, 2024
• Crypto Briefing. Bitcoin eyes $94K after Trump declares no intent to fire Fed Chair. Accessed on April 23, 2024