Bitcoin surged more than 6% on Wednesday, surpassing the $81,700 mark, after US President Donald Trump announced a 90-day freeze on new tariff hikes. The move brought a wave of relief to global investors concerned about escalating trade tensions.
The announcement came just a day after the new tariffs were initially imposed, triggering a sharp market rebound. Despite the pause, a blanket 10% duty on most imports remains in effect, while tariffs on Chinese goods have been raised to 125%. At the time of writing, Bitcoin—the world’s largest cryptocurrency—was trading at $81,904.05, marking a 6.55% gain over the past 24 hours.
Broad-Based Crypto Rally
Other major cryptocurrencies followed Bitcoin’s upward trajectory. Ethereum rose by 9.54%, XRP climbed 10.01%, Solana gained 9.75%, and Cardano increased by 9.21% since the previous day.
Even popular memecoins joined the rally. Dogecoin, backed by Elon Musk, jumped 8.19%, while Shiba Inu appreciated by 8.96%.
Avinash Shekhar, Co-Founder & CEO of Pi42, attributed the bullish sentiment to multiple positive developments:
“Bitcoin, Ethereum, and Dogecoin are enjoying a strong rally following encouraging news. Trump’s tariff pause has boosted investor confidence, while the SEC’s confirmation of Paul Atkins and the approval of Ethereum ETF options trading have added vital credibility to the crypto space.”
He added, “As regulatory clarity improves and macroeconomic conditions stabilize, the current momentum among leading cryptocurrencies may signal the beginning of broader adoption and long-term value appreciation.”
Market Caution Remains
While the overall crypto market is showing positive signs, some traders remain cautious amid ongoing volatility.
ALSO READ: Amid US-China trade war, a look at what the countries buy from each other
Himanshu Maradiya, Founder & Chairman of CIFDAQ Group, commented, “Despite the current upswing, the market is still grappling with volatility driven by global macroeconomic uncertainty, shifting regulations, and liquidity challenges across both traditional and digital asset classes.”
He emphasized the importance of strategic investing: “It’s crucial to make informed and carefully considered investment decisions. Sound due diligence can significantly strengthen portfolio resilience during periods of turbulence.”
