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The price of bitcoin and the shares of companies tied to cryptocurrency jumped together Wednesday afternoon, after President Donald Trump announced a 90-day suspension of “reciprocal tariffs” on a wide range of products.
Bitcoin (BTCUSD), trading as low as $74,500 on Wednesday morning, was below $77,000 at the time President Trump posted in a Truth Social just after 1:15 p.m. ET that the duties would be suspended immediately and that there would be a 10% tariff on most countries. In recent trading, the largest cryptocurrency, along with other risk assets such as equities, surged to approximately $83,000.
Shares of the trading platform Robinhood Markets and bitcoin buyer Strategy (MSTR), formerly MicroStrategy, both soared by 24% each. Crypto exchange Coinbase (COIN) soared 19%, bitcoin miner MARA Holdings (MARA) added 17%, and Riot Platforms (RIOT) gained 11%.
