Why Is Bitcoin Price Up Today? Crypto Surges 12% as Stocks Struggle

Bitcoin has been on a bullish rampage lately, defying the broader market trends and drawing attention from investors.

The world’s largest cryptocurrency has jumped 11.7% over the past week and 5.9% in the last 24 hours. As U.S. stocks slide due to intensifying tariff tensions and a weakening dollar, Bitcoin is pushing higher – mirroring gold’s rise and fueling renewed interest in its role as a safe-haven asset.

Market watchers are once again questioning whether Bitcoin is breaking away from traditional risk assets.

Crypto and Stocks Part Ways

Since April 19, Bitcoin has gained 10.7%. In contrast, the S&P 500 and Nasdaq 100 have fallen 5.25% and 4.27%, respectively. This growing gap is sparking talk of a possible decoupling between crypto and equities. Bitcoin’s 30-day correlation with the S&P 500 now stands at 0.65, hinting at a partial break from broader market trends.

Tariff Worries Light a Fire Under Bitcoin

Much of the recent rally appears to have been driven by comments from U.S. Treasury Secretary Scott Bessent. He suggested that the current tariff standoff with China is not sustainable, a statement that encouraged risk-taking and lifted sentiment in the crypto market.

Falling Dollar Boosts the Crypto Run

At the same time, the U.S. Dollar Index (DXY) has fallen 4.81% so far this month, including a 0.77% drop on April 21 alone. The decline follows fresh pressure from President Trump on Federal Reserve Chair Jerome Powell to cut interest rates. Historically, a weaker dollar has benefited Bitcoin – and that pattern seems to be playing out again. Since April 21, BTC has surged nearly 9.93%, reaching $93,637.39.

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Bitcoin and Gold Move in Sync

Another notable trend is Bitcoin’s growing correlation with gold. Gold has climbed 11.37% since April 9, including a 2.83% gain in the past week – closely tracking Bitcoin’s 11.7% rise over the same period. This parallel movement suggests Bitcoin is increasingly being viewed like gold: a hedge against economic and geopolitical uncertainty.

Bitcoin’s climb is telling us more about where investors turn in times of stress.

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