Crypto prices are pumping as Donald Trump is the first to blink in his stare-off against the US equity and bond markets.
Taking to Truth Social, the US President announced a 90-day pause on his reciprocal tariffs on all nations except China, sticking with the baseline 10% rate.
With respect to China, Trump raised duties on all imports to 125%, retaliating against China’s hike to 84% earlier today.
The Bitcoin price bounced up to $82,900 following the delay announcement, after trading as low as $74,500 on Tuesday. Large-cap altcoins — Ethereum, XRP, Solana, Dogecoin, etc. — are up by double digits and extremely close to securing key bullish continuations.
Donald Trump’s 90-day Tariff Sends Stocks, Crypto Flying
Donald Trump’s 90-day pause on tariffs on all nations except China provided much-needed respite for the stock, bond and crypto markets.
The Nasdaq Composite closed Wednesday’s trading session 12.1% in the green, its second-largest intraday gain in history.
Meanwhile, Dow Jones closed the day up 3000 points for the first time in history.
Crypto prices are soaring as well. The Bitcoin price jumped up by over 11% from Tuesday’s lows, trading as high as $82,900 before a marginal pullback.
Large-cap altcoins, including Ethereum, XRP, Dogecoin and Solana, are up by over 10% each, while Flare, Fartcoin and Pendle have soared by more than 30% and are among the top performers.
Is The Crypto Bull Market Back?
Sidelined investors need to exercise caution while buying crypto and stocks, despite Wednesday’s rally.
Chief Economist and Global Strategist at Europac, Peter Schiff, claims that the market’s bullish reaction is a bear market rally, an opportunity for holders to sell.
Indeed, the fundamentals remain largely negative. The US-China trade war continues to escalate, with Donald Trump raising duties on all Chinese imports to 125%.
Moreover, while he has paused the individualistic reciprocal tariffs on all other nations, the baseline 10% rates came into effect today—now extending to include Canada and Mexico as well. The initial 25% tariffs on the two nations will also remain in effect.
Partner at CEHV Adam Cochran has called the market’s price action “a decent rally to short”.
For instance, the Bitcoin price continues to trade below key resistance levels despite today’s impressive pump. It still needs to flip the $84,000 price point and its macro descending trendline before becoming an attractive investment and securing a bullish continuation.
Similarly, Solana needs to flip the $120 resistance level to invalidate all potential bearish scenarios.
Interested buyers should wait for a flip of these levels before going long on large-cap crypto assets.
Best Cryptos To Buy Now
While Bitcoin, Solana and several large-caps remain below key resistance levels, a few have secured bullish continuations.
For instance, XRP has flipped the $2 S/R level and now appears poised for an explosive bull rally. A recent Standard Chartered XRP price prediction expects it to peak at $5.5 this year.
Similarly, Fartcoin has flipped the $0.66 resistance level and is now gearing up for a bounce to $1.
Low-cap crypto assets are also in high demand. For instance, BTC Bull (BTCBULL) has raised over $4.5 million in its ICO, thanks to its promise of free Bitcoin.
The project is designed on the core principle that Bitcoin will continue its forward march for years to come. As a result, BTCBULL holders will earn massive BTC airdrops when the Bitcoin price hits certain set milestones.
In addition, they will also benefit from token burn events and BTCBULL airdrop at other milestones.
Owing to its unique value proposition, several prominent influencers are even calling it the next 100x crypto.
