Markets roared back to life on Wednesday after former President Donald Trump announced a 90-day suspension of tariffs for countries that have not retaliated against the United States—China notably excluded.
In a statement posted on Truth Social, Trump revealed that the U.S. will pause tariffs and implement a lowered 10% reciprocal rate for most trading partners during the temporary reprieve. However, tariffs on Chinese goods have been hiked sharply to 125%, effective immediately.
The crypto market reacted swiftly. Bitcoin (BTC), which had hovered near $77,000 throughout much of the U.S. trading session, rocketed past $81,000, marking a 5.5% gain in 24 hours.
Altcoins followed suit, with a strong rally across the board. Major assets like XRP, Solana (SOL), Avalanche (AVAX), Chainlink (LINK), Hedera (HBAR), and SUI surged by over 10%, according to the CoinDesk 20 Index. Ethereum (ETH) posted an 8% gain, rising to $1,600.
The positive momentum spilled into equity markets as well. The Nasdaq and S&P 500 both closed significantly higher, climbing 7% and 8.8%, respectively, as investors welcomed signs of easing trade tensions—at least for now.
Earlier in the day, Trump teased the rally by proclaiming, “It’s a great time to buy,” hinting at the market-friendly policy move that would soon follow.
