- Bitcoin rose 3.5%, surpassing $87,500 amid today’s crypto market rally as BTC futures open interest showing a 9.32% rise to $57.57 billion.
- Market optimism grew as the White House signaled a more “targeted” tariff approach, and economic data showed resilience.
The broader crypto market has staged a strong rally today, with Bitcoin (BTC) and top altcoins like Ethereum (ETH), XRP, Solana (SOL), and others recording gains anywhere between 4-10%. This surge comes as the Donald Trump administration decided to take a moderate stand on the reciprocal tariffs after recent economic data showed optimism.
Bitcoin price is up, 3.5%moving past $87,500 levels amid a strong bullish undercurrent for the asset. Market analysts are turning optimistic that BTC rally could continue to $90,000 and beyond. Furthermore, Coinglass data shows that the BTC futures open interest has surged more than 9.32% to $57.57 billion, while the 24-hour liquidations have soared to $83 million. If BTC crosses $90,000, $4 billion in short positions would get liquidated.
$4 BILLION of shorts ready to get liquidated at $90,000 Bitcoin pic.twitter.com/Th3bK1EhXv
— Quinten | 048.eth (@QuintenFrancois) March 24, 2025
Crypto Market Rallies As Trump Softens Stand on Reciprocal Tariffs
Donald Trump’s tariff war has led to major turbulence in the crypto market and the global equity market over the last two months. Market analysts are turning optimistic that Trump would take a soft stand on tariffs, which would go into effect on April 2nd. Vincent Liu, chief investment officer at Kronos Research, said:
The crypto markets are surging as investors respond positively to Trump’s more cooperative stance on tariffs, set to take effect on April 2, alongside the Fed’s focus on long-term inflation trends.
Over the past few weeks, Bitcoin and altcoins have witnessed heavy volatility as the US President announced strong tariff measures on both – America’s allies and foes – leading to major uncertainty in global markets. This has even led to major uncertainty in the market triggering sharp movements in the market.
The White House is reportedly aiming for a more “targeted” implementation of Trump’s reciprocal tariffs rather than a broad-based approach. Citing sources, a Bloomberg report stated that this could potentially ease investor concerns over tariff-related uncertainties.
Furthermore, the latest rebound in Bitcoin, crypto market and US equity market shows that investor confidence remains high as “hard” economic data showed that the market remains robust.
BTC to $110K Says Arthur Hayes, What’s Next for Altcoins?
Former BitMEX CEO Arthur Hayes expressed his bullish outlook on Bitcoin and the crypto market, predicting that BTC is more likely to hit $110,000 before revisiting $76,500.
Explaining his reasoning, Hayes pointed to the Federal Reserve’s shift from quantitative tightening (QT) to quantitative easing (QE) for treasuries, dismissing the impact of tariffs due to what he referred to as “transitory inflation.” “If BTC hits $110K, it’s yachtzee time, and we won’t be looking back until $250K,” Hayes added, as highlighted in our previous story.
The altcoin market is also showing strength over the past week, hinting at a potential resurgence. With 4.2% gains, Ethereum price has reclaimed $2,050 resistance. Also, the ETH exchange supply has dropped considerably hinting at bullish action ahead, as Pectra launch nears. Staying optimistic for an altcoins market rally ahead, analyst Michael van de Poppe said:
Very likely that we’ve witnessed the big capitulation and the low of this year earlier in February with that massive capitulation on the altcoins. A slow upwards trending markets is what I’m highly favouring as that will build up stamina.
