Almost $250 billion has reentered spot crypto markets over the past 12 hours or so in reaction to the 90-day pause and lowering of reciprocal tariffs by the US president.
Total market capitalization has returned to $2.7 trillion in a 6% daily gain, recovering almost all losses over the past few days of bleeding out.
Bitcoin surged more than 8% over the past 24 hours to hit an intraday high of $83,425 during late trading on Wednesday before cooling off a little during Thursday morning’s Asian session.
The asset has now returned to its month-long range-bound channel in the mid-$80K price zone.
Analysts Weigh In
Technical analyst ‘Rekt Capital’ observed that two exponential moving averages are consolidating in what is still a bull market, for Bitcoin at least.
They noted that the 21-week EMA represents lower prices as it declines and is currently around $86,500 before adding, “The declining nature of this EMA will make it easier for BTC to break out.”
Meanwhile, analyst “Mister Crypto” drew comparisons with price movements in 2020, suggesting that a large breakout is imminent.
Stock markets also rallied on the news, with the S&P 500 gaining 9.5% on the day, the Nasdaq up 12%, and the Dow Jones increasing by almost 8%.
However, not all were convinced it was a good thing, with permabear Peter Schiff chiming in, “Today’s US stock market rally is a bear market rally, and likely an opportunity to sell. 10% across-the-board tariffs remain in effect, and there will be heightened risk over the next 90 days.”
Asymmetric founder Joe McCann opined that markets have already priced in the current situation with tariffs. However, if a deal with China emerges, markets will “explode,” he said.
How I’m viewing the market now:
– Market was priced for China, EU and everyone else getting tariffed
– Market now pricing only China
– Market not pricing a China dealIf a China deal comes, market explodes. If it doesn’t, it’s already priced.
10Y wax max bid by foreigners -… pic.twitter.com/GFWN6XsisW
— ◢ J◎e McCann (@joemccann) April 9, 2025
Elsewhere on Crypto Markets
Ethereum, which fell below its 2018 cycle peak on Wednesday, bounced back by 15% in a return to tap $1,680. However, the asset remains weak, with prices at bear market lows.
Other altcoins showing solid recovery included XRP, up 13% to reclaim $2, Solana (SOL) gaining 12% to tap $120, and Dogecoin (DOGE) up a similar amount to top $0.16. Other double-digit gainers today included Cardano, Chainlink, Avalanche, Hedera, and Sui.
Nevertheless, altseason has yet to materialize for the majority of digital assets, which remain way down from their peak levels in this cycle or the previous.
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).
LIMITED OFFER for CryptoPotato readers at Bybit: Use this link to register and open a $500 FREE position on any coin!
