- Bitcoin surged to nearly $82,000 Thursday as crypto markets rallied following Trump’s decision to reduce tariff plans.
- Cryptocurrency short liquidations exceeded $350 million, the highest since early March, helping reverse earlier losses.
- U.S. stocks staged their strongest rally since 2008, with the S&P 500 rising 9.5% and the tech-heavy Nasdaq 100 surging 12%.
Bitcoin surged to nearly $82,000 early Thursday, leading a broad cryptocurrency market rally after President Trump adjusted his tariff plans, causing relief in equity markets. The policy reversal, which maintained steep tariffs only on China while reducing them for other countries, triggered positive sentiment across financial markets.
XRP and Ether led major cryptocurrencies with impressive 12% gains, while Cardano‘s ADA, BNB Chain’s BNB, Solana’s SOL, and Dogecoin all jumped as much as 10%. The overall cryptocurrency market capitalization increased by 6%, with the CoinDesk 20 index showing a 7% improvement.
Liquidation Event Creates Buying Opportunity
Crypto-tracked futures recorded short liquidations exceeding $350 million, the highest since early March. This liquidation event helped reverse losses from earlier in the week when Bitcoin had fallen to nearly $75,000. Market analysts often view such liquidations as potential buying opportunities, as they can signal an overstretched market where price correction has occurred.
Among midcap tokens (below $5 billion market cap), Bittensor‘s TAO, Sonic’s S, and Flare’s FLARE posted gains of up to 30%, leading the smaller cryptocurrency categories.
Global Markets React to Tariff Policy Shift
Thursday’s cryptocurrency surge came as Trump paused higher tariffs on all countries except China, where he increased the levy to 125%. The decision came amid mounting concerns from global leaders and recession fears. Countries previously hit with reciprocal duties will now return to the earlier 10% baseline rate.
U.S. stocks responded with their strongest rally since 2008, with the S&P 500 Index soaring 9.5% and rebounding from bear market territory. The tech-heavy Nasdaq 100 surged an even more impressive 12%.
“The market is rallying in response to anticipation that most trading partners will negotiate trade deals with the US, avoiding a full-fledged trade war,” Jeff Mei, COO at BTSE, told CoinDesk. “That being said, continued tariffs against China and vice versa will lead to a realignment of global trade that could drastically change how the world operates. We remain cautious until we see the consequences of this play out over the coming months.”
Jupiter Zheng, partner at HashKey Capital, suggested markets might have reached a local bottom, noting: “As US regulators continue to streamline regulatory hurdles and implement more favorable policies, it’s possible that Bitcoin and other cryptocurrencies have reached a bottom, assuming no unexpected surprises emerge.”
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