Bitcoin Surges to $82,000 After Trump Announces 90-Day Tariff Pause
Crypto and stock prices increased following US President Trump's announcement of a 90-day tariff pause for multiple countries, excluding China. Bitcoin (BTC) rose by 6.1%, targeting the $83,000 mark.
Key Details on Tariff Announcement
- Trump raised tariffs on China to 125% due to perceived disrespect towards global markets.
- A 90-day pause on tariffs for 75 nations was authorized to negotiate trade solutions.
- A reduced reciprocal tariff of 10% will be implemented during this period.
- Stock prices surged, with the S&P 500 (SPX) increasing by approximately 6% post-announcement.
- The total crypto market capitalization grew around 5%, with major cryptocurrencies like BTC and ETH rising 6%-12% within an hour.
Bitcoin Price Movement
- BTC climbed from the $76,000-$77,000 range to $82,000, marking its first return to this level since Sunday.
- Prior to the surge, BTC had declined to a five-month low of $74,000 over the weekend.
- $75 million in Bitcoin shorts were liquidated in the hour following the price spike.
- As of now, BTC trades at $82,444, reflecting a 4.1% decline over the past week.
