Cryptocurrency prices surged on Wednesday following the announcement that Donald Trump had eased some tariff restrictions on various countries, excluding China.
In a post on Truth Social, Trump revealed a 90-day deferral on tariffs, along with a significantly reduced reciprocal tariff rate of 10% for all nations except China. At the same time, he implemented an immediate tariff increase for China, raising it to 125%.
Bitcoin (BTC), which hovered around $77,000 for much of the U.S. trading session, surged past $81,000 following the news, reflecting a 5.5% increase over the last 24 hours.
Major altcoins experienced even greater gains, with XRP, Solana’s SOL, Avalanche’s AVAX, Chainlink’s LINK, Hedera’s HBAR, and SUI all registering over a 10% increase in the overall CoinDesk 20 Index. Ethereum’s ETH jumped to $1,600, representing an 8% rise during the same timeframe.
Stock markets in the U.S. also responded favorably, with the Nasdaq and the tech-heavy S&P 500 indices climbing by 7% and 8.8% throughout the trading day.
Earlier on Wednesday, Trump highlighted that it was “a great time to buy.”