Bitcoin prices surged sharply today as markets reacted to the latest tariff announcements.
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Bitcoin prices experienced a significant rally today, increasing by over 10% in less than 24 hours following President Donald Trump’s statement regarding a “pause” on tariffs. Analyst Tim Enneking noted that this announcement triggered an “incredible surge” in global asset markets.
According to Coinbase data sourced from TradingView, the cryptocurrency climbed to approximately $83,000 this afternoon. Additionally, both the benchmark S&P 500 index and the Dow Jones Industrial Average witnessed substantial gains, rising more than 9% and 7% respectively throughout the day, based on information from Google Finance.
Various altcoins also saw impressive price increases, with rises ranging from 10% to 30% within 24 hours, as reported by CoinMarketCap data. TikTok influencer Wendy O commented on the widespread gains among these cryptocurrencies, highlighting the overall positive trend.
When asked if Trump’s policy change was responsible for the latest uptick in bitcoin’s value, Enneking, managing partner at Psalion, confirmed via email, “Yes, the 90-day pause was tremendously significant and the primary immediate reason for the impressive jump across nearly all markets for two key reasons.”
“The first relates to the immediate removal of concerns over the excessively high tariffs (with the notable exception of China, where tariffs have actually increased),” Enneking explained. This followed Trump’s posting on the social media platform Truth Social, announcing a 125% tariff on China while lowering tariffs on other countries to 10%.
“More crucially, Trump and the majority of his administration’s representatives had maintained that these tariffs were set in stone and not subject to negotiation,” he elaborated.
“While many did not genuinely believe this, given Trump’s negotiating style, there was a growing fear that these tariffs were permanent—and the markets suffered as a result,” Enneking added.
“Now we see it is feasible to convince Trump to relent, indicating that tariffs can be used as a negotiating tool once again. The global sigh of relief upon witnessing this reality is audible everywhere!” he remarked.
When asked whether Trump’s tariff announcement triggered today’s bitcoin surge, Joe DiPasquale, CEO of cryptocurrency hedge fund manager BitBull Capital, echoed a similar sentiment.
“Yes, we concur that Bitcoin’s upswing reflects a broader risk-on sentiment initiated by Trump’s tariff pause, which markets interpreted as a temporary alleviation of trade tensions,” he stated via email.
Nonetheless, he stressed that bitcoin has been showing a strong correlation with other risk assets such as stocks, contrasting with previous instances where the digital currency did not track the price movements of equities.
“Despite being promoted as a hedge or store of value, Bitcoin continues to behave like a high-beta risk asset—tending to outperform during periods of macroeconomic optimism,” noted DiPasquale.
“Today’s movements were more indicative of overall market sentiment shifts across equities and digital assets than of underlying crypto fundamentals.”
Brett Sifling, a wealth manager at Gerber Kawasaki Wealth & Investment Management, also shared his insights on the circumstances via email.
“Earlier today, Trump announced a 90-day pause on most tariffs except for those on China. This led to an immediate uptick in risk-on assets across numerous markets, including Bitcoin, resulting in one of the top 10 best percentage returns days in the history of the S&P 500,” he stated.
“This uptick likely stems from a mix of short-term oversold conditions, short covering, and a reassessment after the worst-case scenarios were already factored into the market,” Sifling added.
“We anticipate that volatility will persist as this situation continues to unfold,” he concluded.
