Bitcoin and alternative currencies surged strongly after a surprising decision from President Trump to freeze new tariffs for 90 days, rekindling risk appetite in the markets and leading to a recovery of over $160 billion in market value for cryptocurrencies.

Additionally, President Donald Trump's announcement of a 90-day suspension of new tariffs 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.