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Bitcoin hits $81,600, Ethereum jumps 6%, and XRP crosses $2 after Trump pauses most tariffs
The cryptocurrency market experienced significant volatility on April 10, 2025, influenced by recent geopolitical developments, particularly the announcement of a 90-day pause on reciprocal tariffs by U.S. President Donald Trump. This policy shift had immediate and notable effects on major cryptocurrencies, leading to substantial price movements across the board.
Market Overview
The temporary suspension of tariffs, excluding those imposed on China, injected a wave of optimism into the financial markets. This sentiment spilled over into the cryptocurrency sector, resulting in a broad-based rally. Investors responded positively to the news, seeking opportunities in digital assets amid the evolving economic landscape.
Bitcoin (BTC)
Bitcoin, the leading cryptocurrency by market capitalization, saw a significant surge in its price following the tariff announcement. The price climbed by approximately 5.6%, reaching $81,600. This uptick reflects renewed investor confidence and a shift towards risk-on assets in response to the easing of trade tensions.
Ethereum (ETH)
Ethereum also experienced a notable increase, with its price rising by 6.1% to approximately $1,600. The positive momentum in Ethereum's price underscores the broader market's bullish response to geopolitical developments and the growing interest in decentralized finance platforms.
Ripple (XRP)
XRP demonstrated a remarkable rebound, surging by 10% to reach $2.03. This increase coincided with the broader market rally and was further bolstered by the successful launch of the XXRP ETF on NYSE Arca, which attracted significant investor interest.
Dogecoin (DOGE) and Shiba Inu (SHIB)
Meme-based cryptocurrencies like Dogecoin and Shiba Inu also capitalized on the positive market sentiment. Dogecoin's price increased by 10.5%, while Shiba Inu saw a 10% rise. These gains highlight the speculative nature of these assets and their sensitivity to broader market movements.
Solana (SOL)
Solana emerged as a standout performer among altcoins, with its price appreciating by 12.5% to $101.11. The surge reflects growing investor confidence in Solana's high-performance blockchain capabilities and its potential for widespread adoption.
Market Capitalization and Trading Volume
The overall cryptocurrency market capitalization expanded significantly, reaching $2.7 trillion, marking a 4.1% increase. Trading volumes also spiked as investors re-entered the market, driven by the favorable geopolitical developments and the search for higher returns.
Regulatory Developments
In parallel with market movements, regulatory landscapes are evolving. The U.S. Department of Justice announced the disbandment of its National Cryptocurrency Enforcement Team, signaling a shift towards a more lenient regulatory approach under the current administration. This policy change is expected to influence market dynamics and investor behavior in the coming months.
The cryptocurrency market's response to the temporary suspension of tariffs underscores the significant impact of geopolitical events on digital asset valuations. As the landscape continues to evolve, market participants should remain vigilant, considering both macroeconomic indicators and regulatory developments when making investment decisions.