Bitcoin Crosses $90,000; Know Key Details

Bitcoin clocked above $90,000 for the first time in two years in two years. The rally can be attributed to institutional inflows, political uncertainty and strong demand. On Monday, April 21, Bitcoin ETFs were at $381.40 million, while inflows on Tuesday, April 23, came at $719.20 million.

Additionally, MicroStrategy added further momentum by purchasing 6,556 BTC for $555.8 million.

Notably, political instability also played a key role in the crypto rally. Previously, U.S. President Donald Trump criticised Fed ChairJerome Powell, which created uncertainty in the equity markets. The US Dollar Index tumbled down to a three-year low of 97.923, while spooking bond markets as 10-year Treasury yields soared above 4.4%. These developments dampened fiat and bond stability confidence, thereby pushing capital into Bitcoin and gold XAU.

The appointment of Paul Atkins as the new SEC chair boosted the overall momentum. He batted for innovation as well as cooler restrictive oversight, thereby uplifting the sentiments among crypto investors, especially around the future of ETFs and DeFi.