Bitcoin Price Rises. What's Giving Cryptos a Boost. — Barrons.com
By George GloverBitcoin and other cryptocurrencies were climbing on Thursday, boosted by an uptick in broader market sentiment after President Donald Trump's reciprocal tariffs finally came into effect.The world's largest token was up 0.8% to $115,003 over the past 24 hours, according to data from CoinDesk. It's now trading about 7% off the record high it hit in mid-July.Other digital assets were also rising: Ethereum was up 2.8%, Solana was up 3.9%, and XRP was up 3% over the past 24 hours, per the crypto exchange Kraken.The rally came with investors in a risk-on mood.Trump's reciprocal levies on scores of trading partners took hold Thursday, putting one source of market uncertainty to bed. The president also announced a roughly 100% tariff on semiconductors, but said companies that are pouring money into U.S. manufacturing such as Apple would be exempt from the levies.That carve out sparked a rally in tech stocks, which tend to be closely correlated to cryptos. When the Nasdaq 100 is flying, Bitcoin and its peers often follow suit.Write to George Glover at [email protected] content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.