On April 9, crypto stocks saw remarkable gains as the S&P 500 experienced its third-largest single-day increase since World War II, closing up 9.52%. This surge coincided with a significant market recovery following President Donald Trump’s announcement of a 90-day pause on global tariffs.
During the trading day, Michael Saylor’s Strategy (formerly MicroStrategy) jumped an impressive 24.76%, closing at $296.86. Additionally, Coinbase (COIN) saw its shares rise by 17%, reaching $177.09, according to trading data.
Other crypto-related stocks also enjoyed considerable growth. For instance, MARA Holdings (MARA) increased by 17%, Cipher Platforms (CIFR) climbed 16.59%, and Riot Platforms (RIOT) saw a rise of 12.77%. Most of these significant gains occurred within the final three hours of trading, heavily influenced by an afternoon social media post by Trump.
In his post, Trump announced a 90-day pause on his previously articulated global tariffs, reducing the tariff rate to 10% for all countries except China, which faced a drastic increase to 125% as a reaction to their counter-tariffs against the US.
The broader implications of these stock fluctuations were felt throughout various global markets. The Nasdaq 100 also posted a striking 12.02% gain. The Asia Pacific region experienced a positive response with Australia’s ASX 200 index rising 4.55% and Japan’s Nikkei 225 opening almost 10% higher.
Despite the apparent recovery, the stock market had endured a considerable loss earlier; on April 4, it plummeted by a staggering $3.25 trillion, which notably exceeded the entire valuation of the crypto market at the time, estimated at $2.68 trillion.
Moreover, Bitcoin (BTC) also experienced a remarkable upswing, trading 7.52% higher than the previous day, valued at $82,065 as of publication. This significant increase indicates a renewed confidence in cryptocurrency amidst the rising US markets.
This remarkable bounce back presents an intriguing perspective on how political decisions can influence not only stock prices but also the entire market landscape, including the volatile cryptocurrency sector. It serves as a crucial reminder for investors to stay informed and vigilant.
Disclaimer: This article is not intended to provide investment advice. All trading involves risk, and readers should conduct thorough research before making financial decisions.
