BTC/USD: Bitcoin Jumps 3% as Tariff Relief Lifts Crypto Market Back Toward $3 Trillion
Optimism on Trumpās tariffs injected fresh risk capital into crypto assets. The White House might be damping down its harsh tariff policy. š Crypto Bros Cheer Trumpās CommentsBitcoin prices rocketed upward by about 3% late Monday afternoon after crypto bros finally received some good news. In another dramatic episode of Donald Trumpās game of tariffs, the US President appeared to be willing to soften his stance on collecting wide-ranging duties on foreign imports. More precisely, Trump said that he may give āa lot of countriesā breaks on reciprocal tariffs as the deadline for those approaches on April 2. Markets cheered with across the board led by tech shares. š Bitcoin Tops $88,000 (but Then Slides)Cryptos, as the tech stocksā close (and somewhat crazy) cousins, didnāt miss the opportunity to ride the wave of enthusiasm. After floating near $84,000 a piece for days, Bitcoin rushed its way to $88,000, booking a three-week high. Only for a while, though ā prices were back under the $87,000 mark on Tuesday morning. Ethereum , the second-largest coin, notched its third straight day of gains to hit a high of $2,100 before coming back toward the $2,000 level earlier today. ā³ Crypto Nears $3 Trillion (but Then Slides)It was a good day for crypto broadly. The entire crypto market cap inched closer to $3 trillion as traders poured money into their favorite tokens. By Tuesday morning, however, the advance had largely faded with the novel asset class floating near a valuation of $2.85 trillion, down from $2.93 trillion at its Monday peak. Besides Trumpās tariffs (with the big day coming in about a week), markets will be watching for todayās consumer confidence report. The US GDP figure is on deck for Thursday and Friday brings us the Federal Reserveās preferred inflation measure, the PCE. Watch out for these as theyāre likely to stir the crypto space.