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Bitcoin (BTC) has seen a significant surge, rising 3% in the last 24 hours, going from $84,000 to $88,600, following reports of upcoming US tariffs on major trading partners being less severe than expected.
However, altcoins like Solana (SOL), Dogecoin (DOGE), and Cardano (ADA) have outperformed Bitcoin’s surge in the 24-hour timeframe, emerging as the top gainers among the ten largest cryptocurrencies.
Bitcoin And Top Altcoins Experience Significant Gains
Scheduled for announcement on April 2, President Donald Trump had previously indicated the imposition of reciprocal and sector-specific tariffs on countries like Canada, China, and Mexico.
However, sources within the White House, as reported by Bloomberg and the Wall Street Journal, suggest a potential narrower approach, focusing only on reciprocal tariffs.
This shift in strategy is seen as a moderation of the administration’s stance towards a “potential trade war”, which historically has led to increased volatility in both cryptocurrency and equity markets.
Expert Insights On BTC’s Recent Fluctuations
Greer highlighted that this development has alleviated some market uncertainties, leading to increased investor confidence across both cryptocurrency and equity markets.
The crypto sector, which has seen mixed reactions since Trump’s tenure began, has been grappling with the implications of his fluctuating tariff policies, introducing significant economic uncertainty and prompting many investors to retreat from riskier assets.
The anticipated tariffs, expected to increase the prices of foreign goods, could result in inflation, further complicating the economic landscape. Bitcoin, which hit an all-time high of $109,000 in January, experienced a decline to $78,000 earlier this month amidst fears of aggressive economic policies triggering a recession.
Colin Closser, investor relations manager at crypto wallet company Exodus, expressed his understanding of the crypto market’s reaction to Trump’s policies. “I expect markets to show emotion and volatility during times of change and stress in the United States, and you can see that volatility in Bitcoin this morning,” he remarked.
Since the spike, Bitcoin has seen a bit of a pullback towards the $86,930 level, with the most notable support floor between $83,000 and $84,000.
Featured image from DALL-E, chart from TradingView.com