Cryptocurrencies and Crypto-Related Stocks Rise After Trump Pauses Tariffs
The prices of cryptocurrencies and crypto-related stocks leapt Wednesday (April 9) after President Donald Trump paused the new tariffs that he had placed on more than 75 countries.
As of 2:55 p.m. ET, bitcoin’s price had surged 7.6% over the previous 24 hours and got back above the $80,000 mark, Seeking Alpha reported Wednesday.
Several other tokens saw gains of between 14% and 23% at that point in the day, including ondo, hedera hashgraph, sui, pepe, chainlink and avalanche, according to the report.
Several crypto-related stocks also rose along with the broader market, the report said. Crypto exchange Coinbase Global, corporate bitcoin holder Strategy, crypto asset manager Galaxy Digital and six bitcoin miners saw gains after Trump’s announcement on tariffs, per the report.
Trump’s announcement came in a Wednesday post on Truth Social. He said that for 75 countries that have contacted representatives of the U.S. to negotiate a solution to trade issues, and have not “retaliated in any way, shape or form against the United States,” he authorized a 90-day pause and lowered reciprocal tariffs to 10%, effective immediately.
In the same post, Trump said he was raising the tariff on China to 125%, effective immediately, after that country announced retaliatory moves.
It was reported Monday (April 7) that the cryptocurrency prices, including bitcoin and ether, had sunk amid a “tariff-driven pullback.” The losses happened as Trump refused to budge on the widespread tariffs that had already erased trillions in value from U.S. equities.
Before the announcements of tariffs, digital asset prices had been soaring since the election victory of the pro-crypto Trump, with the price of bitcoin hitting record levels on the day of his inauguration.
When cryptocurrency stocks fell Thursday (April 3) following one of the rounds of White House tariffs, it was reported that the new levies had left investors shaken and led them to sell riskier assets.
While Trump appears more crypto-friendly than his predecessor, wider economic instability tied to the sector could still affect some companies. However, some analysts argued that the price drops were less dramatic than those seen in other industries.
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