News

The crypto market began a swift recovery within an hour of President Donald Trump announcing a 90-day pause on tariffs on most countries except China.

The total crypto market cap rose from $2.5 trillion to $2.7 trillion following the announcement.

Bitcoin successfully broke the $80,000 price level and spiked by 5% within an hour to trade at $82,389.87 at press time as per Kraken’s price feeds .

Ethereum also rose to $1,652.46 with a rise of 10% within an hour. XRP also rose 10% within the last hour to trade at $2.05.

As per Coinglass , the crypto market saw liquidation of more than $190 million within the last hour, with $170 million in short positions.

Bitcoin, the largest cryptocurrency, witnessed more than $77 million being liquidated within the last hour. The short positions worth $68 million made up the majority of the liquidations.

Ethereum, the second largest cryptocurrency, had more than $48 million liquidated within the same period. Again, the short positions worth $44 million dominated.

On Apr. 9, Trump said he decided to freeze tariff hikes for 90 days on countries that have refrained from retaliating against the U.S. Meanwhile, he hiked tariffs on China from 104% to 125% due to the country’s alleged "lack of respect" for global markets and its long history of unfair trade practices.