Bitcoin Surges 7% as Trump Reverses Tariffs

President Donald Trump's decision to reverse country-specific tariffs has had a significant impact on the cryptocurrency market, particularly Bitcoin (BTC). Following the announcement, Bitcoin experienced a recovery, with bulls aiming to regain lost ground. This reversal came after a week of turmoil, where crypto assets plummeted in line with the U.S. stock market, marking a substantial setback at the start of the new quarter.

The price of Bitcoin gained momentum in the early hours of April 10 due to the major policy reversal. Bitcoin surged by 7% in the last 24 hours, with bulls taking control of the market. The asset regained the $80,000 mark, a psychological level for traders seeking a major leap. At the time of writing, Bitcoin was trading at $82,008, erasing a significant portion of weekly outflows. Losses in the last seven days were reduced to 1.24%, while monthly figures returned to positive territory.

The market capitalization of Bitcoin exceeded $1.62 trillion, with an upsurge in trading volumes serving as a rallying point for bulls aiming to reclaim the $90,000 level. Whales also ignited accumulations, making substantial purchases in the last 24 hours. On-chain data revealed that a crypto whale bought 1,800 BTC worth approximately $147 million. Additionally, centralized exchanges recorded outflows, indicating signs of long-term holdings and increased trust in the market for both retail and institutional traders. New Bitcoin holders are eager to re-enter profit territory after the recent dip, which wiped out billions from the market. According to Whale Alert data, a crypto user moved 800 BTC from Binance to another custodian, followed by a series of similar transactions.

Bitcoin’s rebound was primarily due to a 90-day pause on the White House's sweeping tariffs, which had sent crypto prices and the stock market to new lows not seen in months. While country-based tariffs have been paused, additional measures were imposed on China as the trade war between the two countries escalates. President Trump commented on the situation, stating, “I thought that people were jumping a little bit out of line… They were getting a little bit yippy, a little bit afraid… We’ve got a big job to do. No other president would have done what I did… No others. I know the presidents, they wouldn’t have done it.”

Analysts suggest that the tariff reversal could sustain the Bitcoin bull swing, as it provides a sense of stability and reduces market uncertainty. The pause on tariffs is seen as a positive development for the cryptocurrency market, as it allows for a more predictable economic environment. However, the long-term impact of the tariff reversal on Bitcoin's price remains uncertain, as it will depend on various factors, including the outcome of the trade war and the overall economic conditions.

In summary, President Trump's tariff reversal has provided a boost to the Bitcoin market, with the leading cryptocurrency regaining lost ground and bulls aiming to reclaim higher price levels. The pause on tariffs has reduced market uncertainty and provided a sense of stability, which could sustain the Bitcoin bull swing in the short term. However, the long-term impact of the tariff reversal on Bitcoin's price remains uncertain and will depend on various factors, including the outcome of the trade war and the overall economic conditions.