Trump's Tariff Suspension Sparks 9.5% S&P 500 Surge, Bitcoin Jumps 8%

On April 10th, the global market experienced a significant shift as former U.S. President Donald Trump announced a 90-day suspension of "reciprocal tariffs" on most trading partners. This decision sparked a rally in risk assets worldwide, with the S&P 500 index surging by 9.5% in a single day. The cryptocurrency market mirrored this rebound, with Bitcoin (BTC) rising from 75K to approximately 83K, marking an over 8% daily gain. XRP, another prominent cryptocurrency, saw a surge of over 13% in a day, benefiting from the listing of an ETF and optimistic policy developments.

According to Bitunix analysts, Trump's decision underscores his sensitivity to market volatility and economic conditions. Despite the renewed appetite for risk, investors continued to allocate funds to safe-haven assets such as gold and U.S. bonds, indicating a lingering demand for stability. The analysts highlighted that BTC is currently facing resistance at the 83K level, and whether it can break through this barrier will be crucial for its short-term trend. The support level for BTC is identified between 78.5K and 80K, and a breach below this range could see the cryptocurrency retreating to 75K.