The cryptocurrency market rose past $82,000 on Thursday after U.S. President Donald Trump announced a temporary 90-day pause on tariffs for most trading partners, excluding China. This reprieve provided a much-needed boost to global markets, lifting investor sentiment.
Bitcoin (BTC) saw a sharp rebound, climbing over 8.87% in the past 24 hours, triggering over $75 million in short liquidations. The global crypto market capitalization also rose to $2.59 trillion, up by 8.40% on the day.
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The news of the tariff suspension came as a relief, ending months of tariff-related uncertainty that had weighed heavily on global trade and investment decisions. The announcement was welcomed by many investors, particularly those in the cryptocurrency sector, who had grown wary of potential market disruptions.
Despite a 26% decline from its January highs, Bitcoin’s resilience has impressed market analysts, with investment firm Bernstein calling the pullback “mild” compared to previous downturns. This sustained performance suggests that cryptocurrency markets are maturing, with growing institutional support playing a pivotal role.
Analysts are now looking to the Federal Reserve for clues on potential interest rate adjustments or liquidity measures, which could further fuel optimism across asset classes. Many U.S. trading partners, eager to avoid the tariff hike, had engaged with officials to secure exemptions, a move that could pave the way for future diplomatic resolutions.
However, the tariff pause does not apply to China, which remains in a trade standoff with the U.S. After China announced retaliatory tariffs on April 9, Bitcoin options saw increased bearish sentiment, though the market regained stability following Trump’s announcement.
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