Cryptocurrency stocks witnessed a significant increase as part of a broader recovery in the US stock market on April 9, following a 90-day suspension of extensive global tariffs announced by President Donald Trump.
On that trading day, Michael Saylor’s company saw its shares rise by 24.76%, reaching $296.86, while the cryptocurrency exchange Coinbase (COIN) ended the day up 17% at $177.09, according to data from Google Finance.
Crypto mining firms also reported gains, with MARA Holdings (MARA) climbing 17%, Cipher Platforms (CIFR) up 16.59%, and Riot Platforms (RIOT) increasing by 12.77%.
Michael Saylor’s firm, formerly known as MicroStrategy, experienced a 24.76% surge during the trading session.
Much of the upward movement in both crypto stocks and the wider US market occurred in the final three hours of trading, due to a post from Trump shared on his social media platform, Truth Social.
In his post, Trump declared a 90-day halt on his global “reciprocal tariffs,” reducing the tariff rate to 10% for all countries except China, which faced an increase to 125% in response to its counter-tariffs on the US.
The S&P 500, which represents the 500 largest publicly traded companies in the US, ended the day 9.52% higher, marking its third-largest single-day increase since World War II, as reported by various sources. Simultaneously, the Nasdaq 100 recorded a 12.02% rise throughout the trading day.
APAC markets and Bitcoin show upward momentum
The Asia Pacific markets observed a rise as trading commenced on April 10. Australia’s ASX 200 index had climbed 4.55% by the time of writing, while Japan’s Nikkei 225 began the session nearly 10% higher.
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Although Trump’s initial talk of tariffs in early February unsettled the markets and was a primary factor in Bitcoin dropping below the $100,000 mark, his significant escalation in early April sparked considerable volatility across the board.
On April 4, the US stock market suffered a loss of $3.25 trillion, around $570 billion greater than the entire cryptocurrency market’s valuation of $2.68 trillion at that time.
This decline followed just two days after Trump enacted an executive order to establish reciprocal tariffs with trading partners and a 10% baseline tariff on all imports.
Meanwhile, Bitcoin (BTC) experienced an upward trend as well. At the time of publication, Bitcoin was trading at $82,065, up 7.52% from 24 hours prior, according to data from CoinMarketCap.
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This article does not provide investment advice or recommendations. Each investment and trading decision carries risk, and readers should perform their own research before making any choices.