Crypto Market Surges 4%-15% on Tariff Suspension and Tax Cuts

The cryptocurrency market experienced a significant rebound across the board, driven by a series of positive developments. The overall crypto sector saw gains ranging from 4% to 15% in the past 24 hours. Leading the charge was the AI sector, which surged by 15.82%. Notable performers within this sector included Bittensor (TAO), Fetch.ai (FET), and Render (RENDER), which saw increases of 15.52%, 15.79%, and 16.71% respectively.

Ethereum (ETH) also made a strong comeback, rising by 13.77% and reclaiming the $1600 mark. Bitcoin (BTC) followed suit, increasing by 7.94% and briefly surpassing $83,000. Other sectors also saw substantial gains, with the DeFi sector rising by 12.43%, the PayFi sector by 12.26%, and the Meme sector by 11.87%. Within these sectors, Ondo Finance (ONDO) rose by 23.87%, XRP by 14.13%, and Dogecoin (DOGE) by 12.48%.

The Layer2 sector saw an 8.91% increase, with ex-MATIC (POL) rising by 10.72%. The Layer1 sector also performed well, with Solana (SOL) and Cardano (ADA) rising by 12.72% and 12.56% respectively. The CeFi sector rose by 5.89%, with Hyperliquid (HYPE) leading the way with a 16.09% increase.

Reflecting historical sector trends, the Crypto Sector Index showed that the ssiAI, ssiDeFi, and ssiRWA indices rose by 16.27%, 13.79%, and 12.97% respectively in the past 24 hours. This widespread rebound in the cryptocurrency market can be attributed to the announcement of the suspension of tariffs on multiple countries and a reduction in tax rates, which has positively impacted investor sentiment and market performance.