- Bitcoin soared past the $80,000 mark following an announcement of a 90-day tariff suspension for 75 nations, while tariffs on China were raised to 125%.
- Ethereum, XRP, and Solana have all jumped over 10% since the news broke.
- The surge mirrors the stock market’s performance, with the Nasdaq-100 on course for its fourth-best trading day ever.
On Wednesday, Bitcoin (BTC) and several leading cryptocurrencies experienced significant gains after President Trump revealed that the U.S. would temporarily pause tariffs on 75 nations due to their lack of retaliation and the commencement of negotiations with essential government agencies.
Bitcoin, cryptocurrency, and stocks rally after tariff pause announcement
In a post on Truth Social, Trump stated that the U.S. would halt reciprocal tariffs on 75 countries owing to their “non-retaliatory” reactions and ongoing negotiations with critical government departments. This announcement came just a week after he first proposed reciprocal tariffs affecting over 180 countries.
“These countries have, at my strong recommendation, not retaliated against the United States in any manner. I have authorized a 90-day PAUSE and a significantly reduced Reciprocal Tariff during this time, set at 10%, effective immediately,” Trump wrote.
However, this pause does not apply to Chinese goods, as Trump announced a rise in China’s tariff to 125%, in response to its own 84% tariff on U.S. products.
“Given the disregard China has demonstrated towards global markets, I am hereby increasing the tariff imposed on China by the United States to 125%, effective immediately,” he added.
In the wake of the announcement, Bitcoin surged over $80,000, enjoying a daily gain of more than 6% at the time of reporting.
Other major cryptocurrencies also reversed their previous losses, with Ether (ETH), XRP, and Solana (SOL) increasing by around 10% on the day.
Leading cryptocurrencies. Source: CoinGecko
Various cryptocurrency categories also saw positive movement, with meme coins, decentralized finance (DeFi), Real World Assets (RWA), and Artificial Intelligence (AI) segments each climbing by an average of 7%. Notable gains among specific coins included Dogecoin (DOGE), HYPE, ONDO, RENDER, and PEPE, which rose by 10%, 25%, 20%, 17%, and 15%, respectively.
The cryptocurrency rally parallels that of the broader stock market, where major technology stocks like NVIDIA, Tesla, and Apple witnessed gains exceeding 12% after the tariff pause was announced. The Nasdaq-100 rose over 10% on Wednesday, poised to achieve its largest daily surge since 2008 and its fourth-best trading day historically.
The S&P 500 is also having a strong day, climbing more than 8% during the daily timeframe.