Bitcoin (BTC) rose to nearly $82,000 early on Thursday, and the U-turn on tariffs provided bailouts in the broader stock market on Wednesday, leading to the profits of the entire crypto market after President Donald Trump encouraged steeper tariff collection.
XRP and Ether (ETH) led profit among crypto majors with 12% surges, with Cardano’s ADA, BNB in the BNB chain, Solana’s Sol and Dogecoin (DOGE) zooming 10%. Overall market capitalization rose 6%. The broader Coindesk 20 (CD20) showed a 7% increase.
Crypto-tracked futures showed liquidation at over $350 million, the highest since early March. This helped Bitcoin to close to $75,000 at one point, alleviating losses from Monday and Tuesday.
As Coindesk pointed out on Monday, such liquidation events often present market purchase opportunities.
Elsewhere, Bitenser’s Tao, Sonic’s S, and Flair’s flares have risen by 30% to lead the midcap or tokens below the $5 billion market capitalization.
Thursday’s Jump suspended higher tariffs in all countries except China, and higher tariffs in all countries except China, as Trump raises concerns from world leaders and fears of a recession. Countries struck by higher mutual obligations, which came into effect Wednesday, will be taxed at an initial 10% baseline rate applied to other countries.
Since 2008, US stocks have staged their best rallies. The S&P 500 index spiked 9.5%, rebounding from the territory of the bare market, and the high-tech Nasdaq 100 spiked 12%.
As such, traders continue to monitor the development of positioning cues amid uncertainty.
BTSE COO Jeff Mei told Coindesk in a telegram message, “The market has gathered in response to expectations that the market will negotiate trade deals with the US and negotiate trade deals with the US. “That being said, the ongoing tariffs on China and the vice versa will lead to a reorganization of global trade that could dramatically change the way the world operates. We will continue to be cautious until we see the outcomes of this play over the coming months.”
Hashkey Capital partner Jupiter Zheng shows the possibility that the market will reach the local bottom.
“The rise was driven by optimism that the worst could lie behind us. There are still potential headwinds, including retaliatory tariffs from China in response to Trump’s 125% increase, but opening negotiations with other countries offers some hope,” he said in an email.
“As U.S. regulators continue to streamline regulatory hurdles and implement more favorable policies, it is possible that Bitcoin and other cryptocurrencies have hit the bottom, assuming that unexpected surprises will not appear. The industry may not be priced completely for these developments, leaving room for potential growth,” Zheng added.