Bitcoin, Ethereum, Solana, and Fartcoin Crypto Tokens Rise by Up to 45% as Tariffs Are Stopped by Trump
The crypto market experienced a notable surge following the announcement from US President Donald Trump regarding the suspension of tariffs imposed on various nations for a period of 90 days. This decision provided a significant lift to riskier asset classes, giving investors a sense of relief. Concurrently, the equity markets also witnessed a rally in response to this development.
Within the crypto space, numerous tokens exhibited impressive gains, with some even climbing by up to 45% in a single day. Bitcoin, Ethereum, Solana, and even Fartcoin were among the tokens that saw a notable uptrend during this period. Bitcoin, the largest cryptocurrency in terms of market capitalization, surged by over 10% within a span of 24 hours, reaching a peak of $83,541 after starting the day at $75,754. Despite this rapid rise, Bitcoin’s market cap crossed the $1.7 trillion threshold, with trading volume exceeding $77.65 billion in the preceding 24 hours.
The catalyst for this bullish momentum was primarily attributed to Trump’s temporary halt on reciprocal tariffs, which provided a sense of stability and optimism among market participants. Alankar Saxena, the Co-founder and CTO of Mudrex, highlighted the impact of this decision on investor sentiment, emphasizing the positive response it elicited within the crypto space. Additionally, the confirmation of Paul Atkins as the new SEC Chair also contributed to the favorable outlook, further buoying market sentiment.
Ethereum, the second-largest cryptocurrency by market capitalization, saw a surge in interest following the SEC’s approval of Options on spot Ethereum ETFs. This development broadened the appeal of Ether among institutional traders, augmenting its investment potential. According to Saxena, if the current momentum persists, Bitcoin’s rally towards the $100,000 mark may once again come into focus, with key resistance levels at $88,600 and support levels at $80,000.
Overall, the crypto market’s robust performance amidst the tariff news underscores the resilience and volatility inherent in this space. Investors continue to closely monitor market dynamics, regulatory developments, and macroeconomic factors that could influence price action across various cryptocurrency tokens. As the market evolves and adapts to changing conditions, participants remain vigilant in navigating the ups and downs of this dynamic ecosystem.
