Bitcoin (BTC) has experienced a notable surge, gaining 3% in the last 24 hours, climbing from $84,000 to $88,600, following reports that upcoming US tariffs on major trading partners will be less severe than initially anticipated.
However, altcoins like Solana (SOL), Dogecoin (DOGE), and Cardano (ADA) have outperformed Bitcoin’s surge in the 24-hour time frame, being the top gainers in the ten largest cryptocurrencies list.
Scheduled for announcement on April 2, President Donald Trump had previously indicated that he would impose both reciprocal and sector-specific tariffs on countries including Canada, China, and Mexico.
However, anonymous sources within the White House, as reported by Bloomberg and the Wall Street Journal, have suggested that the president may opt for a narrower approach, focusing solely on reciprocal tariffs.
According to the reports, this shift in strategy appears to signal a tempering of the administration’s approach to a “potential trade war”, which has historically led to increased volatility in both the cryptocurrency and equity markets.
Dan Greer, CEO of Defi App, a decentralized finance platform, noted the correlation between Bitcoin’s recent price increase and the news of the tariff adjustments. “This surge in Bitcoin’s price coincides with reports that the Trump administration is considering narrowing the scope of tariffs set to take effect on April 2,” he stated.
The positive sentiment surrounding Bitcoin has extended to the broader cryptocurrency market, with nearly all of the top 10 cryptocurrencies by market capitalization experiencing gains on Monday.
Ethereum rose by 4%, XRP by 2%, Solana, DOGE and Cardano led the pack with increases of 8%, 7.8% and 4.5% respectively. The stock market reflected this optimism, with both the Nasdaq and S&P 500 indices rising 2% over the past 24 hours.
Greer highlighted that this development has alleviated some market uncertainties, leading to increased investor confidence across both cryptocurrency and equity markets.
The crypto sector, which has faced mixed reactions since Trump took office, has been grappling with the implications of his fluctuating tariff policies. These policies have introduced a considerable degree of economic uncertainty, prompting many investors to retreat from riskier assets.
The anticipated tariffs—expected to raise the prices of foreign goods—could lead to inflation, further complicating the economic landscape. Bitcoin, which reached an all-time high of $109,000 in January, has seen a decline, dropping to $78,000 earlier this month amid fears that aggressive economic policies could trigger a recession.
Colin Closser, investor relations manager at crypto wallet company Exodus, expressed his understanding of the crypto market’s reaction to Trump’s policies. “I expect markets to show emotion and volatility during times of change and stress in the United States, and you can see that volatility in Bitcoin this morning,” he remarked.
Since the spike, Bitcoin has seen a bit of a pullback towards the $86,930 level, with the most notable support floor between $83,000 and $84,000.
Featured image from DALL-E, chart from TradingView.com
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