Bitcoin prices rallied over 7% to $82,000 after a 90-day pause by US President Donald Trump on planned tariff hikes across several countries, sparking a renewed interest in riskier assets like cryptocurrencies.
The world’s biggest crypto token by market capitalization was trading 6.52% higher at 12.10 pm at $81,917.94, with a market cap of $1.61 trillion. In intra-day trade, Bitcoin price climbed to $83,453, buoyed by the rollback of tariffs by the US. However, this pause did not apply to China, on which the US raised the tariffs to 125% after Beijing retaliated with an 84% duty on US imports from April 10. Additionally, the trade war was far from over, as a 10% duty on all imports also stays in place.
“BTC crossed the $80,000 barrier, and it reached the $83,400 mark after US President Donald Trump announced a 90-day pause on tariffs for several nations, excluding China, and temporarily reduced reciprocal tariffs to 10%. The overall cryptocurrency market reacted positively, pushing total market capitalization up by 7% to $2.70 trillion,” said CoinSwitch Markets Desk.
Other crypto tokens like Ethereum, XRP, BNB and Solana also witnessed strong buying action, rallying as much as 10%.
Etherum, the second-largest cryptocurrency, was up 9.8% at $1,610.55 around 12.10 pm. Meanwhile, Solana jumped 10%, XRP 10.1% and BNB 5%.
The overall global crypto market capitalization jumped 7% to $2.61 trillion.
The cryptospace is recovering after the recent bloodbath as Bitcoin rises above the pivotal resistance at $81,800 and marks daily highs above $83,500, said analysts at CoinDCX Research Team.
Even though the bears tried to restrict the rally, the bullish momentum is expected to prevail for a while, said CoinDCX.
“Meanwhile, the top 10 cryptos, like ETH, XRP, SOL, DOGE, and ADA, rise above their respective resistance. However, cryptos like Fartcoin lead the top gainers with a 44% jump, followed by Flare with over 35% and Pendle and Ondo with 22%,” it added.
Disclaimer: This story is for educational purposes only. The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
Multibagger penny stock: Earning substantial profits in the stock market is no easy feat—it requires in-depth research and a great…
Smart robotic arms work on the production line at the production workshop of Changqing Auto Parts Co., LTD., located in…
Gensol Engineering share price: The company intimated about the resignation of two more Independent Directors Harsh Singh and Kuljit Singh…
Gold prices on the Multi Commodity Exchange (MCX) traded lower on Thursday amid profit booking, retreating from their recent record…