What to know:
- Bitcoin, that digital enigma, flirted with $82,000, as if it were a debutante at a ball, all thanks to President Trump’s tariff theatrics.
- XRP and ether, the crypto world’s perennial overachievers, strutted their stuff with a 12% leap, while Cardano’s ADA and Solana’s SOL played catch-up with a modest 10%.
- U.S. stocks, not to be outdone, threw their own party, with the S&P 500 Index and Nasdaq 100 surging like they’d just discovered caffeine.
Bitcoin (BTC), that capricious creature, ascended to nearly $82,000 early Thursday, as if it were scaling the heights of Mount Olympus, all because President Donald Trump decided to reverse his stance on tariffs. The broader equity markets, ever the drama queens, sighed in relief.
XRP and ether (ETH), the crypto world’s dynamic duo, led the charge with a 12% surge, while Cardano’s ADA, BNB Chain’s BNB, Solana’s SOL, and dogecoin (DOGE) pranced about with a 10% increase. The overall market capitalization, ever the opportunist, rose 6%. The CoinDesk 20 (CD20), that barometer of crypto health, showed a 7% increase.
Crypto-tracked futures, those harbingers of doom and delight, showed short liquidations of over $350 million, the highest since early March. This helped ease losses from Monday and Tuesday, when bitcoin took a nosedive to nearly $75,000, as if it were a skydiver with a faulty parachute.
Such liquidation events, those moments of market madness, often present a buying opportunity, as CoinDesk noted on Monday. They can signal an overstretched market, indicating a price correction has occurred, among other factors.
Elsewhere, Bittensor’s TAO, Sonic’s S, and Flare’s FLARE were up as much as 30%, leading gains among midcaps, or tokens below a $5 billion market cap. These tokens, the underdogs of the crypto world, were having their moment in the sun.
Thursday’s jump came as Trump paused higher tariffs on all countries, except China, where he increased the levy to 125%, amid mounting concerns from global leaders and recession fears. Countries that were hit with the higher, reciprocal duties that went into effect Wednesday will now be taxed at the earlier 10% baseline rate applied to other nations.
U.S. stocks staged their best rally since 2008. The S&P 500 Index soared 9.5%, rebounding from bear-market territory, while the tech-heavy Nasdaq 100 surged 12%.
As such, traders continue to watch developments for cues on positioning amid the uncertainty.
“The market is rallying in response to anticipation that most trading partners will negotiate trade deals with the US, avoiding a full-fledged trade war,” Jeff Mei, COO at BTSE, told CoinDesk in a Telegram message. “That being said, continued tariffs against China and vice versa will lead to a realignment of global trade that could drastically change how the world operates. We remain cautious until we see the consequences of this play out over the coming months.”
Jupiter Zheng, partner at HashKey Capital, signalled a possibility of markets reaching a local bottom.
“The upswing was fueled by optimism that the worst may be behind us. While potential headwinds remain, such as retaliatory tariffs from China in response to Trump’s 125% increase, the start of negotiations with other countries offers some hope,” he said in an email.
“As US regulators continue to streamline regulatory hurdles and implement more favorable policies, it’s possible that Bitcoin and other cryptocurrencies have reached a bottom, assuming no unexpected surprises emerge. The industry may not have fully priced in these developments, leaving room for potential growth,” Zheng added.
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2025-04-10 07:57