- President Trump announced a 90-day pause on most tariffs, igniting a significant market rally.
- Bitcoin's price surged above $82,000, marking a substantial increase.
- Crypto-related stocks, including Coinbase and MicroStrategy, experienced notable gains.
The prices of various crypto-linked stocks soared as markets rebounded sharply following President Trump pausing global tariffs for 90 days for most countries. However, China's tariff rate will jump to 125%.
The announcement came on April 9 with a 90-day suspension on most reciprocal tariffs and has resulted in a surge in both traditional equities and digital assets.
This lowered most reciprocal duties to 10%, sparking a 7% climb in Bitcoin, during the day and reached an intraday high of $83,424, and followed double-digit gains across major crypto stocks.
Coinbase saw its stock price rise by 16.8%, closing at $177.09. Strategy also experienced a 24% increase, with a high of $296.86 at the end of the day.
Other crypto-stocks, including Robinhood and Block, jumped 23.5% and 14.3% respectively.
Tesla, which also has large Bitcoin holdings, was up more than 20% amid a dramatic upswing in major equity indexes, including the tech-heavy Nasdaq, which rose more than 11%.
Canada-based Bitfarms was among the Bitcoin miners that jumped the highest, rising over 26% to $0.85. However, its stock price remains down 45% over the past year.
Additionally, the trading platform Robinhood, which experienced a 700% surge in crypto-related revenue during the fourth quarter of last year, also saw its stock price rise.
The company's shares were recently trading at approximately $42, reflecting a 23% increase for the day.
The broader market also responded favourably. The S&P 500 surged 9.5%, and the Nasdaq Composite jumped 12.2%, reflecting widespread investor optimism.
Edited by Harshajit Sarmah
