Leading cryptocurrencies were trading higher on Wednesday amid reports that President Donald Trump was considering reducing China tariffs.

What Happened: Bitcoin consolidated in the $93,000 range after rising above $94,000 early this morning. Ethereum, the second-largest cryptocurrency, surpassed $1,800 for the first time since April 6.

Dogecoin (CRYPTO: DOGE) edged lower, following a sharp rebound earlier in the week.

Over $351 million was liquidated from the cryptocurrency market in the last 24 hours, with nearly $190 million in bearish shorts getting erased.

Nearly $289 million in Bitcoin shorts risked liquidation if the apex cryptocurrency reached $95,000.

Bitcoin’s Open Interest rose moderately by 0.15% in the last 24 hours, following a double-digit bump in the previous day.

Bearish bets continued to dominate over bullish long bets, as more than 62% of Binance traders with open Bitcoin positions bet against the leading cryptocurrency.

The market sentiment remained in "Greed," signaling a rise in buying pressure.

Top Gainers (24-Hours)

The global cryptocurrency market capitalization stood at $2.93 trillion, following a marginal increase of 0.11% in the last 24 hours.

Stocks rose further on Wednesday. The Dow Jones Industrial Average jumped 419.59 points, or 1.07%, to end at 39,606.57. The S&P 500 gained 1.67% to close at 5,375.86. The tech-heavy Nasdaq Composite spiked 2.50% to end at 16,708.05.

The advance comes amid reports that the Trump administration was contemplating lowering China tariffs to between 65% and 50%, a significant reduction from the current 145%.

The sentiment has also been boosted by the shift in Trump’s tone toward Jerome Powell, who said he has no intention of firing the Federal Reserve Chair.

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Analyst Notes: In a note to Benzinga, analysts at cryptocurrency payment company B2BINPAY said that while Bitcoin's current setup looks bullish, there are warning signs.

"Bitcoin dominance is currently very high, at 64.30%. This means that if Bitcoin drops even slightly from here, the altcoin market could face a much sharper decline. In this scenario, caution is warranted — it's like walking on thin ice," the analytics team added.

Widely followed cryptocurrency analyst Rekt Capital noted Ethereum's "strong" reaction as it tested the "historical demand area" as support.

"Continued stability here is essential to building out a reversal base," the chartist stated.

$ETH is showing a stronger rxn today as it tested this historical (purple) DEMAND AREA as support

(Light blue on the lower timeframe).

Continued stability here is essential to building out a reversal base. pic.twitter.com/6Ojit9yepP

— Rek Capital (@rektcapital) April 12, 2024

Photo: Antonio Gravante/Shutterstock