Bitcoin and alternative currencies surged strongly after a surprising decision by President Trump to freeze new tariff rates for 90 days, which restored risk appetite in the markets and led to the recovery of over $160 billion in market value for cryptocurrencies.

The announcement by U.S. President Donald Trump to suspend the imposition of new tariffs for 90 days also restored hope for global markets. The decision came after a bloody start to the week, during which stocks and cryptocurrencies fell due to fears of a global economic slowdown resulting from trade escalation.