Crypto prices make a comeback after Trump announces a pause on most tariffs.
Cryptocurrencies and related stocks soared on Wednesday after President Donald Trump announced a 90-day pause for most countries caught up in his sweeping tariff policy.
The upswing is an abrupt change for the crypto space as a whole, which has suffered major declines over the last few weeks amid tariff turmoil. Coinbase shares tumbled 15% in the days following Trump’s “Liberation Day” announcement of levies on nearly all U.S. trading partners. Bitcoin, Ethereum and XRP were all down 10%, 20% and 22% respectively.
But hours after Trump’s tariffs took effect on Wednesday, the president posted on his social media platform Truth Social that he had authorized a 90-day pause on some tariffs and “a substantially lowered reciprocal tariff during this period of 10%.” China, however, is the exception, and Trump announced new tariffs on the country that increased overall levies on products from that country to 125%.
