Why Is Crypto Up Today? Sui Crypto News Has Fuelled A +27% Rally For The SUI Token

As of mid-morning on April 23, across Europe, Bitcoin has surged past $94,000 and is well on its way back to $100,000. This latest rally comes amid optimism over US-China trade relations, with SUI crypto spiking over 27% and currently trending on CoinGecko.

President Trump has stated that US tariffs on China “will come down substantially” from the current 145%. Treasury Secretary Scott Bessent backed these claims, saying at a closed event that the tariff standoff between the US and China is “unsustainable” and expressed optimism for de-escalation.

BREAKING: In a stunning moment, Donald Trump appears to have changed his tune drastically about China. He went from bombastic on his trade war to admitting he’s not going to play hardball. “We’re going to be very nice.” He sounds desperate.pic.twitter.com/YsZEFp2edt

— Really American (@ReallyAmerican1) April 22, 2025

Tariff War Between US And China Nearing An End: Bitcoin ETF Inflows Hit 3-Day Streak As Liquidity Flows Back Into Crypto

With BTC back trading comfortably above $90k, the appetite for crypto is heating up. This is evidenced by looking at net inflows into US-based spot Bitcoin ETFs. Today (April 23), they have surged to $936.43 million, a 146% jump from the $381.40 million recorded the previous day.

This jump in inflows represents the largest single-day inflow since January 17, highlighting a notable resurgence in institutional demand for BTC exposure now that the dust is beginning to settle on the global Tariff drama started by President Trump.

Bitcoin and crypto aren’t the only markets rallying in response to Trump’s comments. Stocks recovered from yesterday’s decline, with the S&P 500 and the tech-heavy Nasdaq finishing the session 2.5% and 2.7% higher, respectively.

EXPLORE: 9+ Best High-Risk, High–Reward Crypto to Buy in March 2025

A favorable outcome between the US and China regarding the tariff dispute would give the markets the green light for another sizeable leg-up. This would likely take Bitcoin back above $100k with an eye on its previous all-time high level of $109k.

With Bitcoin comfortably breaking through the resistance level between $92-93k and $94k, it should be a simple move back toward $100k.

All eyes will now be on May 7 and June 17, the dates of the next FOMC meetings. Jerome Powell has hinted that May’s meeting will not include any cuts to the interest rates. However, there is much anticipation that June’s meeting will slash interest rates.

Analysts seemingly agree that fixed income markets project that a cut in interest rates in May is unlikely, expecting rates to remain at the current 4.25% to 4.5% range. Similarly, decentralized prediction market Polymarket gives roughly a 9 in 10 chance that rates are held steady.

However, a cut the following month appears more likely, with the FedWatch tool projecting an 87% chance that it will happen in June.

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SUI Crypto Surges Nearly 30% Overnight: One Of The Strongest Major Cap Tokens In Recent Weeks

SUI crypto is up 50% in the past two weeks and has spiked nearly 30% in the last 24 hours alone. It continues to be one of the strongest cryptocurrencies of April, rallying harder than most since the beginning of the month.

It perfectly retested the neckline of the cup and handle pattern from one week ago. That $1.7-1.9 level has done its job as a major support level for SUI, which it has bounced off of.

Since breaking out over $2.1 on Sunday (April 20), SUI has been on a tear, with barely any pullbacks as it has surged to $2.92. To finish off the cup and handle pattern fully, it will need to breach $3 and quickly reclaim the $3.1 level from March.

If the $3.1 level is tagged, SUI could have a fairly straight run back toward $5, which was last seen in early January before the market began to crash.

According to CoinGecko, SUI reached as high as $5.35 in January, marking its all-time high price. While most tokens are still at least 60% away from their all-time highs, SUI is only 45% off of $5.35.

A few more big moves, fuelled by positive global economic news regarding tariffs and potential rate cuts, could fire SUI back to all-time high prices and straight into price discovery.

Currently, SUI crypto is the 14th largest cryptocurrency by market cap, with a $9.5 billion valuation. It is extremely close to overtaking fellow Layer-1 protocol, Avalanche (AVAX), into 13th place. A market price jump of just $20 million from here will do the trick.