Crypto Markets Soar After Trump Pauses Tariffs

Crypto markets soared on Wednesday after President Donald Trump ordered a 90-day pause on trade tariffs, de-escalating a trade war that has rattled global markets over the past few weeks.

Bitcoin (BTC) is up 6.6% over the past 24 hours to around $82,500, while Ethereum (ETH) surged 12% to $1,660. XRP popped 10% to $205, and Solana (SOL) climbed 13% to $119.

Meanwhile, the broader cryptocurrency market capitalization surged 5.2% to $2.72 trillion, according to CoinGecko.

Hyperliquid (HYPE) and ONDO are today's top gainers, rallying 24% and 22%, respectively.

In the past 24 hours, 134,764 traders were liquidated, with total liquidations amounting to $434 million, according to Coinglass data. BTC accounted for most of the liquidations, with $160 million. ETH took second place with $122 million.

“We are living through a period of sustained uncertainty, and the ongoing US-China tariff saga is just another chapter in that broader narrative,” Dr. Kirill Kretov, Senior Automation Expert at CoinPanel, said. “One moment the mood is bleak; the next, a phone call and a handshake inject sudden optimism.”

Dr. Kretov noted that this constant back-and-forth fuels volatility across all financial markets, not just cryptocurrency. “Even traditional markets are starting to resemble memecoins,” he explained. “If this is the new normal for traditional finance, why would we expect Bitcoin or crypto markets to behave any differently, especially given how thinly traded and easily swayed they are right now.”

Macroeconomic Data

Markets remain on edge ahead of the Federal Open Market Committee (FOMC) minutes, set to be released today at 2:00 p.m. ET. Adding to the pressure, U.S. Consumer Price Index (CPI) data for March 2025 is scheduled for release tomorrow.

The minutes are expected to provide in-depth details from the Fed’s March 18–19 policy meeting, where officials held the Federal Funds rate steady at a target range of 4.25%–4.50%.

However, as the meeting happened before Trump enacted his “Liberation Day” tariffs on April 2, some experts are concerned the data won’t fully reflect the economic reality of today.

“I’m not entirely sure that the Fed can do much right now besides smoothing market functioning,” said Michael Brown, a senior strategist at Pepperstone. “You can throw as much liquidity and as many rate cuts as you like at the market, but tariffs are a fiscal policy problem that only a U-turn from the man in the White House can solve.”

Nevertheless, he noted that while the FOMC Minutes might prove “stale,” they will “shed some light on the Committee’s thinking around the potential risks of stagflation facing the US economy.”