Cryptocurrencies Soar After Tariffs Suspension
Cryptocurrencies surged on Tuesday, April 9, in the wake of a widespread recovery in the US stock market. This surge of optimism follows Donald Trump’s announcement of a 90-day suspension of global tariffs on a large scale.
By the end of the day, Strategy stock (formerly MicroStrategy), led by Michael Saylor, rose by 24.76% to reach $296.86. Meanwhile, the Coinbase (COIN) exchange platform closed up by 17% at $177.09, according to Google Finance data.
Companies specializing in cryptocurrency mining also benefited from this momentum. MARA Holdings saw its stock rise by 17%, Cipher Platforms (CIFR) by 16.59%, while Riot Platforms (RIOT) registered an increase of 12.77%.
Most of these gains, both in crypto values and across the American market, were concentrated in the final three hours of the session. It was at this time that Trump posted a message on his Truth Social platform, announcing a temporary suspension of “reciprocal tariffs” for 90 days. He also specified that the base rate would be lowered to 10% for all countries except China, for which it would be raised to 125% in response to Chinese countermeasures.
The S&P 500 index, which comprises the 500 largest US-listed companies, closed with a dramatic 9.52% increase, its third-largest single-day gain since World War II. The Nasdaq 100, on the other hand, surged by 12.02%.
Bitcoin Rebound
Asian markets followed suit from the opening on Thursday, April 10, local time. In Australia, the ASX 200 index rose by 4.55%, while the Japanese Nikkei 225 started the session with an impressive increase of nearly 10%.
Recall that Trump’s initial mentions of tariffs in February had already caused turmoil in the markets and contributed to Bitcoin’s drop below $100,000. However, it was his toughening stance in early April that intensified the volatility.
On April 4, the total market capitalization of the US stock market plummeted by $3.25 trillion, roughly $570 billion more than the entire cryptocurrency market valuation, then estimated at $2.68 trillion.
This crash occurred just two days after Trump signed an order formalizing reciprocal tariffs and a minimum 10% customs duty on all imported products.
Meanwhile, Bitcoin (BTC) continues to climb. According to CoinMarketCap data, it was trading at $81,480 at the time of publication, up by 7.52% over 24 hours.
