Bitcoin Soars Past $93,000: Crypto Market Hits $3T Amid Liquidation Frenzy

Crypto Market Surges: Bitcoin Breaks $93,000, Altcoins Rally, and Liquidations Soar

The cryptocurrency market experienced a significant rally, with Bitcoin surpassing $93,000 for the first time since March, according to FXStreet. Major altcoins also saw notable gains: Ethereum rose by 11%, XRP by 5%, and Solana by 6%. The meme coin sector outperformed, jumping over 15%, while AI and Real-world asset (RWA) sectors also posted gains. This surge was accompanied by a wave of liquidations, with short traders suffering losses exceeding $500 million in the past 24 hours. Data from Coinglass indicated that total futures liquidations reached $581.46 million, with short positions accounting for $504 million of that figure.

Market sentiment shifted following statements from Treasury Secretary Scott Bessent, who expressed optimism about a potential resolution to the US-China trade dispute, calling the ongoing trade war "unsustainable." President Donald Trump echoed this sentiment, suggesting that the 145% tariff on Chinese imports would "come down substantially." The positive outlook extended to traditional markets, with the S&P 500, Nasdaq, and Dow Jones all rising over 2.5%.

Asset	24h Change	Current Price
Bitcoin (BTC)	+5%	Above $93,000
Ethereum (ETH)	+11%	Not specified
XRP	+5%	Not specified
Solana (SOL)	+6%	Not specified

Short traders lost over $500 million in 24 hours.
Long-term Bitcoin holders are accumulating, while short-term holders are selling.
Stock indices rose over 2.5% across the board.

Infobox: The crypto rally was driven by optimism over US-China trade talks, with Bitcoin breaking $93,000 and over $500 million in short positions liquidated. (Source: FXStreet)

Over $600 Million Liquidated as Bitcoin Crosses $93,000

Crypto News reported that Bitcoin traded at $93,069, up 5% in the last 24 hours, while Ethereum jumped 12% to $1,768 and Solana rose 7% to $149. The overall cryptocurrency market capitalization increased by 4% to just over $3 trillion. According to Coinglass, $602 million was liquidated from the crypto market in the last 24 hours, marking a 130% increase. Open interest also rose by 14% to $121.6 billion, indicating a surge in leveraged trading activity.

The Altcoin Season Index stood at 16, suggesting the market remains in "Bitcoin Season." US Bitcoin ETFs recorded their third consecutive day of inflows, with net inflows reaching $936 million on April 22—the highest daily total since President Trump took office earlier in the year. The rally was attributed to improved sentiment as President Trump indicated tariffs on Chinese imports would "come down substantially," and Treasury Secretary Bessent hinted at a possible de-escalation in the US–China trade dispute. Traditional markets mirrored this optimism, with the S&P 500 up 2.51%, Nasdaq up 2.87%, and Dow Jones up 2.66%. Gold also saw a brief spike to $3,500.

Asset	Price	24h Change
Bitcoin (BTC)	$93,069	+5%
Ethereum (ETH)	$1,768	+12%
Solana (SOL)	$149	+7%

$602 million liquidated in 24 hours (130% increase).
Open interest rose to $121.6 billion (+14%).
US Bitcoin ETF inflows: $936 million on April 22.

Infobox: Bitcoin’s surge above $93,000 triggered over $600 million in liquidations and record ETF inflows, as optimism grows over US-China trade relations. (Source: Crypto News)

Bitcoin’s Path to $1 Million: Institutional Adoption and Market Forces

Investopedia analyzed the potential for Bitcoin to reach $1 million, noting that the cryptocurrency nearly hit $100,000 in November 2024, driven by institutional adoption and spot ETF approvals. The article highlights that Bitcoin’s supply is capped at 21 million, with 19.79 million in circulation as of December 1, 2024. The next halving event is scheduled for 2028, which will further reduce the rate of new Bitcoin entering the market.

For Bitcoin to reach $1 million, Investopedia suggests three developments are necessary: institutional adoption on par with gold (adding $2–3 trillion in market cap), major corporate adoption ($1–2 trillion), and increased retail investment in emerging markets. This would push Bitcoin’s market cap beyond $21 trillion. The article emphasizes that Bitcoin’s price is primarily driven by supply mechanics and market sentiment, with regulatory and political developments playing a significant role in price swings.

Milestone	Time to Achieve
$50,000	12 years
Almost $99,000	3 years

Total Bitcoin supply (Dec. 1, 2024): 19.79 million
Supply cap: 21 million
Current market dominance: Over 56%
Next halving: 2028

Infobox: Bitcoin’s journey to $1 million depends on institutional, corporate, and retail adoption, with supply constraints and market sentiment as key drivers. (Source: Investopedia)

‘Buy Everything’ Sentiment as Crypto Market Approaches $3 Trillion

Forbes reported that the combined crypto market has surged past $3 trillion, with Bitcoin’s price rocketing 20% from April lows of under $75,000. Wall Street banks are facing what some analysts call an “existential” crypto crisis, as bullish traders predict a major shift in market momentum. Treasury Secretary Scott Bessent is expected to reassure markets about the global financial system, and a leak from a JPMorgan conference indicated he anticipates a de-escalation in the US-China trade war.

President Trump also signaled a potential reduction in tariffs, stating, “145% is very high and it won’t be that high. It’ll come down substantially. But it won’t be zero.” Bitcoin broke through a key price range at $88,760, with analysts suggesting it could head toward $95,000 and $99,500. Bitcoin ETFs saw their best day of inflows since January, and some experts, like Arthur Hayes, believe that once Bitcoin breaches $110,000, it could surge to new all-time highs. Hayes stated, “At Maelstrom, we have maxed out our crypto exposure,” and advised traders to “back up the truck, and buy everything.”

“At Maelstrom, we have maxed out our crypto exposure,” wrote Arthur Hayes, adding he thinks traders should, “back up the truck, and buy everything.” (Forbes)

Crypto market cap: Over $3 trillion
Bitcoin price increase: 20% from April lows
Key resistance levels: $95,000 and $99,500
ETF inflows: Best day since January

Infobox: The crypto market’s bullish momentum is fueled by expectations of a US-China trade de-escalation and strong ETF inflows, with analysts predicting further gains if Bitcoin breaks $110,000. (Source: Forbes)

Meme Coins and Altcoins: New Opportunities Amid Bitcoin’s Dominance

FinanceFeeds highlighted the explosive growth in meme coins as Bitcoin outperformed both the S&P 500 and Nasdaq, rallying above $88,000. The article identified several meme coins gaining traction:

BTC Bull Token (BTCBULL): Raised $4.8 million in presale, priced at $0.002475 per token, with plans to airdrop Bitcoin to holders at price milestones ($150K, $200K, $250K).
Koma Inu (KOMA): Peaked after a 3,500% surge, now trading at $0.023, with a Binance Futures listing and DWF Labs backing via a $20 million meme fund.
Fartcoin (FARTCOIN): Launched at $0.02, now around $1.02, with an all-time high of $2.61 and a market cap of $1 billion, supported by over 147,000 holders and celebrity endorsements.
SPX6900 (SPX): Reached an all-time high of $1.77, currently at $0.43, with $29 million in daily trading volume and a sentiment score of 82% on CoinMarketCap.

BTCBULL presale: $4.8 million raised
KOMA price: $0.023, 3,500% surge
FARTCOIN market cap: $1 billion, 147,000 holders
SPX trading volume: $29 million in 24 hours

Infobox: Meme coins like BTCBULL, KOMA, FARTCOIN, and SPX are attracting investor attention, with some posting multi-thousand percent gains and strong community support. (Source: FinanceFeeds)

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