Bitcoin climbs to US$88k amid market jitters

Key market insights

• Bitcoin climbs above US$88k amid market jitters: Bitcoin surged past US$88k as investors turn to crypto amid ongoing trade tensions and dollar concerns, potentially targeting US$90k next.
• Trump pressures Fed Chair Powell to cut rates immediately: Trump ramped up pressure on Fed Chair Powell for immediate rate cuts and went so far as to suggest his removal before 2026.
• Strategy buys US$555M in Bitcoin, now holds over 538,000 BTC: The largest corporate holder of Bitcoin has added 6,556 BTC for US$555.8 million, raising its total to 538,200 BTC.
• BlackRock buys 1,000 BTC for Spot Bitcoin ETF: BlackRock increases its BTC holdings by adding 1,000 BTC worth US$84M, for its Bitcoin ETF.

The weekly trading stats as of Monday, April 21st at 10:00 am AEST, based on data from Tradingview in USD.

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Bitcoin climbs atop US$88k amid market jitters

Bitcoin has surged past US$88,000, marking its highest level since late March 2025, as investors turn to the cryptocurrency amid escalating trade tensions and concerns over the stability of the US dollar. This rally follows a period of consolidation between US$83,000 and US$86,000, with analysts now eyeing the US$90,000-US$92,000 range as the next potential price target. Bitcoin's price uptick now coincides with a decline in US stock markets and the dollar, suggesting a shift in overall market sentiment towards decentralised assets as a hedge against economic uncertainty.

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Trump pressures Fed Chair Powell to cut rates immediately

US President Trump intensified his attacks on Fed Chair Jerome Powell, demanding immediate rate cuts and calling him a “major loser,” while hinting at a possible attempt to remove him from his position before his term ends in 2026. The comments raised fresh concerns about central bank independence and sparked warnings from analysts that such moves could rattle markets and undermine investor confidence.

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Strategy buys US$555M in Bitcoin, now holds over 538,000 BTC

Strategy has added 6,556 BTC to its balance sheet in a new US$555.8 million purchase, bringing its total Bitcoin holdings to a record 538,200 - which further cements its position as the largest corporate holder of BTC in the world. Funded through recent stock offerings, the company has now spent over US$36.4 billion on Bitcoin at an average price of US$67,766 per coin, continuing its aggressive accumulation strategy amid rising market interest.

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BlackRock buys 1,000 BTC for its spot Bitcoin ETF

BlackRock has acquired 1,000 more BTC worth US$84 million to be used for its spot Bitcoin ETF, reinforcing the growing institutional demand as Bitcoin trades around US$88,000. This purchase brings BlackRock’s total Bitcoin holdings, alongside Strategy’s, to over 1.11 million BTC, signaling deepening involvement from traditional finance in the global crypto markets.

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Looking ahead

Bitcoin's recent surge past US$88k signals a renewed sense of momentum in the market. This follows a week of consolidation and rising macroeconomic uncertainty, with ongoing fears of inflation, mounting trade tensions, and questions about the dollar's stability. More investors appear to be viewing BTC as a hedge against systemic risk, with analysts now pointing to the US$90k-US$92k range as the next key level to watch.

Institutional activity continues to reinforce this trend. Strategy’s latest US$555 million purchase has brought its holdings to over 538,000 BTC, while BlackRock’s US$84 million acquisition for its spot ETF highlights how deep traditional finance has continued to wade into the crypto space. Together, their combined holdings now exceed 1.11 million BTC, the scale of institutional conviction even as US stock markets face headwinds and political pressure mounts on the Federal Reserve.

Looking ahead, the market remains delicately balanced between optimism and uncertainty. While crypto appears to be benefiting from weakening confidence in traditional monetary systems, geopolitical volatility and central bank decisions will continue to dictate the pace and direction of the next major move.

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