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The global financial market got a much-needed relief after U.S. President Donald Trump announced a 90-day pause on import duties for most countries, except China. Following the news, Bitcoin’s price shot up by 7% in a single day, reaching $82,000, while other U.S. stocks & mining firms even joined the rally.
Trump Halt Tariffs for 90-day, China Saw 125% Hike
On April 9, Trump made a strong statement on Truth Social, saying China has shown “a lack of respect for world markets.” In response, we’ve raised tariffs on Chinese goods to 125%, effective immediately.
At the same post, he mentioned that more than 75 countries have been in talks with U.S. representatives from Commerce, Treasury, and the USTR about ongoing trade issues.
Meanwhile, to encourage negotiations, Trump announced a temporary 90-day pause on tariffs for other countries and reduced reciprocal tariffs to 10% during this period.
Stock and Crypto Markets React
Following the announcement, both the cryptocurrency and U.S. stock markets saw significant gains. Bitcoin, the world’s largest cryptocurrency by market cap, jumped 7%, reaching $82,000, while major U.S. stock indices also rose by nearly 10%.
Major crypto exchanges and Bitcoin-holding firms saw sharp price increases, recovering some losses from the past week.
However, corporate Bitcoin holders like Strategy, Metaplanet, and Tesla saw their stock prices climb between 15% to 25%.
The rally was even more clear among Bitcoin mining firms, with Bitfarms leading the pack with a 24% spike in share price. Riot’s stock rose by 12.7%, and MARA Holdings, the largest publicly traded Bitcoin mining company, gained 17%.
Altcoins Join the Rally
Even though the altcoin crypto market wasn’t left behind. Ethereum, the second-largest cryptocurrency, saw its price jump by 11%. Other major cryptocurrencies, including XRP, Solana, Dogecoin, and Shiba Inu, also increased between 10% and 12%.
