Bitcoin is surging as markets rebound and President Donald Trump reinforces his support for the digital assets sector in its ongoing confrontation with traditional Wall Street banks.
The benchmark cryptocurrency jumped 8% to as much as $73,777 on Wednesday, its highest in a month and same level as in March 2024 , as investors rotated back into risk assets following easing fears about the potential impact of the war in Iran on global energy markets.
BTCUSD has since corrected to $71,956 in early Thursday trading.
“The Bitcoin rally reflects two powerful forces aligning at once: improving risk sentiment across markets and renewed political backing for crypto from Washington,” said a bullish Nigel Green, crypto advocate and CEO of financial advisory giant deVere Group.
“Markets had been rattled by concerns the Iran conflict could deliver a prolonged shock to energy markets and global growth. As those fears eased, investors moved back into risk assets and crypto is often the fastest responder when sentiment turns,” he explained.
The deVere boss added that President Trump has stepped in publicly, via his Truth Social platform, to defend the digital assets sector against pressure from traditional banks, which sends a clear signal to markets about the direction of US policy.
Late on Tuesday, Donald Trump posted that banks were attempting to undermine the Genius Act, a regulatory framework for the rapidly expanding stablecoin sector, and warned his administration would not allow it.
Since its passage, tensions have grown between crypto firms and traditional lenders over rules that allow platforms such as exchanges to pay interest on stablecoin balances held by users.
Green said the dispute highlights a deeper shift underway in world finance.
“Stablecoins are emerging as a new digital form of the US dollar, and that places crypto platforms into direct competition with traditional banks,” he explained.
“When banks push back against that development, it shows how significant the shift has become.”
Bitcoin fell sharply from its October peak near $125,000 before rebounding in recent sessions as broader market sentiment appears to improve.
Political signals
The latest rally illustrates how closely digital assets are now tied to both macroeconomic developments and political signals coming out of Washington.
“Crypto markets react rapidly to changes in global risk appetite, but they also respond to regulatory direction,” Green said. “When geopolitical concerns ease and the White House signals clear support for the sector, those forces combine to create powerful momentum for digital assets.”
Last week, before the latest relief rally, and looking beyond mid-2026, the deVere founder and chief executive said that he sees the potential for Bitcoin to exceed its previous record high before the year concludes.
“Once momentum re-establishes, fresh all-time highs are achievable before year-end,” he stated. “The prior peak is not a permanent ceiling.”
Green emphasised that volatility remains intrinsic to digital assets, but argues that cyclical corrections have historically preceded renewed expansion phases.
“The key issue is whether structural adoption has stalled,” he said. “Our assessment is that it has not. Institutional infrastructure is broader, deeper and more resilient than at any point in Bitcoin’s history.”
He concluded that, “for now, the Bitcoin bulls seem to be back in charge.”
