Financial markets, from stocks to cryptocurrencies, had to accept strong losses this week. The trigger: the trade war triggered by President Trump, which ensures uncertainty worldwide.
Yesterday, however, Trump announced a break from the planned import tariffs. The markets reacted immediately: stocks skyrocketed, cryptocurrencies like Bitcoin (BTC) recovered quickly, and the shares of crypto companies also recorded considerable profits.
Shares of crypto companies rise strongly
According to data from Google Finance yesterday was particularly successful for the shares of large crypto companies.
Strategy – formerly Microstrategy – under the direction of Michael Saylor, ended the day with an increase of almost 25 % to just under $ 300. Cooinbase’s shares grew by 17 % yesterday.
The shares of crypto mining companies also benefited: Marathon Digital and Cipher Platforms rose by around 17 %-similar to Coinbase. Riot Platforms recorded an increase of almost 13 %.
In addition, the Nasdaq and the S&P 500 achieved the biggest daily increase in years yesterday. The Nasdaq closed with an increase of 12 %, the S&P 500 increased by 10 %.
Cryptocurrencies move in
Also the Cryptoma market showed itself clearly yesterday in the upward trend. Bitcoin increased by almost 8.5 % within one day and is now again above the important support brand of $ 80,000. The current price of BTC is $ 81,865.
Ethereum (ETH) a daily plan of 13.5 % and is currently traded at $ 1,597. This means that ETH is again above an important support line. XRP (XRP) rose by 14 %yesterday. The entire market capitalization of the cryptoma market increased by $ 0.2 trillion, an increase of over 8 %.
Trump relaxes the situation at the markets
Trump’s decision to suspend the trading tariffs for ninety days was obviously the trigger: the markets began to rise immediately afterwards.
With this break, Trump relieves the pressure on the global markets, which has been noticeable since the first announcement of the customs plans. The announcements in February have already resulted in significant price losses, but the actual slump was made after the arrangement was officially signed last week.
However, the import duties on Chinese goods remain and were even increased to 125 % after China in turn announced measures against the United States.
“China will recognize that the US and other countries can no longer be sustainable or acceptable,” said Trump on Truth Social.