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Bitcoin prices climbed sharply today as markets processed the latest tariff updates.
Bitcoin prices rallied today, climbing over 10% in under 24 hours after President Donald Trump’s announcement that he would “pause” tariffs caused an “amazing jump” in the global asset markets, according to analyst Tim Enneking.
The digital currency rose to roughly $83,000 this afternoon, according to Coinbase data from TradingView. The benchmark S&P 5oo index and the Dow Jones Industrial average also experienced sharp gains, rising more than 9% and 7% during the day, according to data from Google Finance.
In addition, many altcoins underwent notable price increases, rising between 10% and 30% in the space of 24 hours, CoinMarketCap figures show. The TikTok influencer who goes by Wendy O commented on the situation, emphasizing “across the board” gains in these cryptocurrencies.
When asked whether Trump’s policy change triggered the latest gains in bitcoin, Enneking, managing partner of Psalion, stated via email that “Yes, the 90-pause was hugely important and the sole proximate cause of the amazing jump across almost all markets in two ways.”
“The first was what we just witnessed: immediately concerns regarding the absurdly high tariffs have now been removed (with the major exception of China, where the tariffs actually got worse),” Enneking said after Trump posted via social media network Truth Social that while he would start imposing a tariff of 125% on China, tariffs on other countries would drop to 10%.
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