Cryptocurrencies jumped on Wednesday on news that Donald Trump stepped back some tariff burdens on countries — except for China.
According to Trump’s post on Truth Social, he issued a 90-day delay on tariffs and a substantially lowered 10% rate of reciprocal tariff for this period against all countries except China. Meanwhile, he said he raised tariffs for China to 125%, “effective immediately.”
Bitcoin (BTC), treading water around $77,000 during most of the U.S. session, surged above $81,000 on the news, up 5.5% over the past 24 hours.
Altcoin majors rallied even more, with XRP, Solana’s SOL, Avalanche’s AVAX, Chainlink’s LINK, Hedera’s HBAR and SUI posting over 10% gains in the broad-market CoinDesk 20 Index. Ethereum’s ETH rallied to $1,600, up 8% during the same period.
U.S. stocks also reacted positively, with the Nasdaq and the tech-heavy S&P 500 indexes up 7% and 8.8% through the day’s session.
Earlier Wednesday, Trump had posted that it was “a great time to buy.”
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