Bitcoin Gains 3% Amid Tariff Easing, Altcoins Outperform
Bitcoin (BTC) gained 3% in 24 hours, rising from $84,000 to $88,600, driven by reports of less severe upcoming US tariffs on major trading partners. In the same period, top altcoins such as Solana (SOL), Dogecoin (DOGE), and Cardano (ADA) outperformed Bitcoin.
Market Response to Tariff News
- President Trump is scheduled to announce tariffs on April 2.
- Anonymous sources indicate a potential shift to narrower, reciprocal tariffs.
- This change may reduce market volatility associated with a "trade war."
Dan Greer, CEO of Defi App, linked Bitcoin's surge to these tariff adjustments. The overall cryptocurrency market mirrored this positive sentiment, with nearly all top 10 cryptocurrencies experiencing gains.
Performance Overview
- Ethereum increased by 4%
- XRP rose by 2%
- Solana gained 8%, DOGE 7.8%, and Cardano 4.5%
- US stock indices, Nasdaq and S&P 500, both rose by 2%
Greer noted that reduced market uncertainties have boosted investor confidence. The anticipated tariffs could inflate foreign goods prices, impacting economic stability. Bitcoin previously reached an all-time high of $109,000 but dropped to $78,000 amid recession fears.
Colin Closser from Exodus highlighted the expected market volatility during significant policy changes. Following the recent surge, Bitcoin has slightly retracted towards $86,930, with support between $83,000 and $84,000.
