- The cryptocurrency market capitalization climbed back above $2.7 trillion on Wednesday, responding to several factors that triggered market volatility.
- Trump abolished tariffs he had imposed on all US trading partners, applying a uniform rate of 10%, excluding China, which will now face a heightened 125% tariff, leading to a swift recovery in global markets.
- Bitcoin’s price surged past $82,600, gaining 6.5% after plummeting to as low as $74,600 earlier in the day.
- In the wake of Trump’s tariff reversal, Solana, XRP, and Dogecoin have seen the largest increases among the top 10 ranked altcoins.
What’s driving the rise in the crypto market?
The cryptocurrency sector experienced an additional 6.5% increase on Wednesday, with the total market capitalization reaching $2.7 trillion, as reported by Coingecko. This surge followed US President Donald Trump’s announcement of a flat 10% tariff for all trading partners, with the exception of China, which is now facing an increased 125% tariff.
Updates on Bitcoin:
- Currently, Bitcoin is trading at $82,500, going through another day of significant fluctuations.
- Data from Coingecko indicates that BTC has already exhibited a remarkable 11% range swing from $74,700 to $82,500.
Bitcoin price performance, April 9, 2025 | Coingecko
The significant price swings within a double-digit percentage range over just 18 hours suggest a lack of consensus among investors. This may indicate that swing traders are leveraging the volatile sentiment and mixed responses to Trump’s tariff decisions to make short-term gains.
Latest on the Altcoin Market: A week after Trump’s tariffs, ETH, XLM, and SUI are among the largest losers
Market insights from Coingecko highlight that Solana, Cardano, and Ripple (XRP) have registered the fastest gains among the top 25 assets.
Chart of the Day: ETH, XLM, and SUI lead losers after another 62% drop
Crypto Market Performance, April 9 | Source: Coingecko
As of Wednesday, the global cryptocurrency market surged by 6.5% to reach $2.7 trillion.
- With a valuation increase of $84.5 billion, closer examination reveals Solana leading with 11.7% growth in the last 24 hours.
- Ethereum closely followed, as traders took advantage of its oversold condition, resulting in 10.5% gains at the time of writing.
- Meanwhile, Dogecoin narrowly outperformed Cardano, with both recording gains of 10.3% and 10.5%, respectively, as of this update.
With Asian markets still closed, these altcoins may attract more capital as global reactions to Trump’s trade tariff reversal lead investors to reallocate funds toward riskier assets.
News Updates in Crypto:
21Shares and House of Doge introduce Dogecoin ETP on the SIX Swiss Exchange under ticker DOGE
21Shares, a prominent issuer of crypto exchange-traded products, has collaborated with House of Doge to launch a new Dogecoin ETP on the SIX Swiss Exchange. This product, trading under the ticker DOGE, marks the first Dogecoin ETP to receive official approval from the Dogecoin Foundation.
The ETP is completely physically backed, providing investors with secure, institutional-grade exposure to the cryptocurrency without the necessity of directly managing digital wallets or private keys.
Argentina’s Congress initiates investigation into officials linked to the Libra memecoin scandal
The Chamber of Deputies in Argentina has passed a resolution to launch a formal investigation into officials allegedly associated with the Libra memecoin scandal.
This resolution includes establishing a special commission, calling key government figures to testify, and formally requesting documentation regarding the government’s dealings with Libra, a Solana-based token developed by Kelsier Ventures, a Delaware firm.
This inquiry follows a public outcry after President Javier Milei’s initial support for Libra led to a sharp price increase, followed by a steep decline. The backlash has sparked accusations of fraud and discussions of impeachment.
Lawmakers are investigating whether senior officials were aware of the token’s inherent risks and if any conflicts of interest or misuse of influence occurred during its promotion.
Tether raises stake in Bitdeer to 22.8%, according to SEC filing
Tether has increased its stake in Bitcoin mining firm Bitdeer Technologies Group from 21% to 22.8%, as revealed in a recent filing with the US Securities and Exchange Commission (SEC).
This update was disclosed in a Schedule 13D/A amendment filed on Tuesday, showcasing Tether’s ongoing expansion into the crypto infrastructure field.
The increased ownership solidifies Tether’s influence as a major investor in Bitdeer, a company listed on Nasdaq that specializes in global crypto mining operations. This move aligns with Tether’s broader strategy to diversify beyond stablecoins and venture into energy and crypto mining.