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Bitcoin, Crypto-Related Stocks Soar After Trump Announces Tariff Pause
Shares of cryptocurrency-tied companies jumped along with the price of bitcoin Wednesday afternoon after President Donald Trump issued a 90-day pause on widespread "reciprocal" tariffs.
Bitcoin ( BTCUSD ), which traded as low as $74,500 Wednesday morning, was trading below $77,000 when President Trump wrote in a Truth Social post just after 1:15 p.m. ET that he was pausing the duties effective immediately, and that a base tariff of 10% on most countries. The largest cryptocurrency soon soared, along with risk assets like equities, surging to roughly $83,000 in recent trading.
Shares of bitcoin buyer Strategy (
MSTR
), formerly known as MicroStrategy, and trading platform Robinhood Markets (
HOOD
) jumped 24% and 22%, respectively. Crypto exchange Coinbase (
COIN
) soared 19%, bitcoin miner MARA Holdings (
MARA
)Â added 17%, and Riot Platforms (
RIOT
) gained 11%.
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