Ethereum and Solana surged significantly as leading cryptocurrencies reacted to U.S. President Donald Trump’s announcement of a 90-day suspension of tariffs.
The price of Ethereum (ETH), which had been trading below $1,500, saw a dramatic increase, climbing over 11% to exceed $1,650.
At the same time, Solana (SOL) jumped by 13%, contributing to a wider crypto rally ignited by Trump’s declaration. SOL surpassed the $120 mark.
With renewed enthusiasm across the market, it wasn’t only ETH or SOL that experienced sharp increases in a matter of minutes.
Bitcoin (BTC), which had previously fallen below $80k and tested levels close to $74k, saw a rebound following the announcement of the 90-day tariff pause. This measure was said to be effective immediately and applicable to several nations.
As noted by analysts at CryptoQuant.com, the rise to $82k for BTC led to a significant $92 million in short liquidations within just one hour.
According to data from Coinglass, liquidations over the last 24 hours totaled $574 million, with more than $342 million of these being short positions. This sharp decline in bearish bets was mirrored by positive reactions from investors, benefiting other digital assets like XRP, Cardano, and Dogecoin.
Many altcoins experienced significant gains.
A similar trend was observed in the stock market, where the S&P 500 rose over 7%, and the Nasdaq gained 9%. The Dow Jones Industrial Average surged more than 2,400 points, marking its largest single-day increase in five years.
With Trump imposing additional tariffs on China, it remains to be seen how Beijing will respond. The 125% tariff follows China’s counteraction to Trump’s earlier 50% increase earlier in the week, which had pushed its tariffs on the U.S. to 84%.
While traders are enjoying this market optimism, China’s exclusion from the 90-day pause could limit further gains — the upcoming developments will be crucial.