While many advocates for Bitcoin argue that the cryptocurrency is a hedge against more traditional assets, the digital asset often moves in lockstep with the stock market and the performance of large tech companies.
After Trump won his campaign for reelection, investor enthusiasm soared in anticipation of his administration’s deregulatory agenda and promised interest rate cuts. In January, on the day of Trump’s inauguration, Bitcoin notched an all-time high, according to CoinGecko.
But soon after Trump assumed the presidency, the cryptocurrency tanked in price. In early April, less than a week after Trump unveiled his set of severe tariffs, it dropped to a low of nearly $76,000,
Still, investors often attribute the cryptocurrency’s daily price swings to more crypto-specific market changes. Phil Wirtjes, the CEO of the crypto exchange Enclave Markets, said Wednesday’s surge in Bitcoin’s price is “likely aided by policy advancements.”
