The trade war continues to impact the cryptocurrency market hard, but this time in a more positive way as BTC jumped to over $83,000 yesterday after the tariff pause for almost all countries.
The altcoins are also well in the green, with XRP leading the charge from the larger caps.
BTC Skyrockets
It has been a wild ride in the crypto industry lately, prompted by Trump’s continuous moves on the macro scene. It all began last Wednesday during the so-called ‘Liberation Day’ when he imposed a 10% tax essentially on the entire world, while countries like these in the EU and China got even bigger percentages.
While some retaliated, Trump became even more aggressive and increased the Chinese tariffs to 104% and then 125% yesterday. At the same time, he paused for 90 days the taxes against all other countries.
All of this news brought massive volatility to crypto. Just from this Monday, BTC’s price had dropped to and below $75,000 on a couple of occasions, with the latest example coming yesterday. However, the aforementioned pause served as a propeller for immediate gains and bitcoin skyrocketed by almost nine grand from bottom to the top.
It tapped $83,500 earlier but couldn’t continue north. As of now, it remains above $81,000 after a small correction. Its market cap has soared to $1.620 trillion on CG, and its dominance over the alts is well above 60%.
Alts Now in Green
The altcoins went on a similar rollercoaster with massive declines and rebounds. The past 12 hours or so have been a lot more positive. XRP leads the pack from the bigger ones, as its price has neared $2 after a 10% daily surge.
Ethereum has jumped back to $1,600 after charting a multi-year low earlier this week. Other impressive gainers over the past day include SOL, DOGE, ADA, TRX, LINK, AVAX, SUI, and SHIB.
The total crypto market cap has added over $100 billion and is close to $2.7 trillion on CG.
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Cryptocurrency charts by TradingView.
