Crypto stocks have surged as part of a broader recovery in the US stock market on April 9 following President Donald Trump’s 90-day pause on sweeping global tariffs.
The Wednesday, April 9 trading day closed with Michael Saylor’s Strategy up 24.76% to $296.86, while crypto exchange Coinbase (COIN) closed up 17% to $177.09, according to Google Finance data.
Crypto mining companies also saw gains, with MARA Holdings (MARA) up 17%, Cipher Platforms (CIFR) up 16.59%, and Riot Platforms (RIOT) rising 12.77%.
Michael Saylor’s Strategy, formerly known as MicroStrategy, surged 24.76% during the trading day. Source: Google Finance
Most of the gains in crypto stocks and the broader US market came in the final three hours of the day’s trading session, spurred by an afternoon post from Trump on his social media platform, Truth Social.
In the post, Trump announced a 90-day pause on his global “reciprocal tariffs,” instead lowering the tariff rate to 10% on every country besides China, which he increased to 125% due to the country’s counter-tariffs against the US.
The S&P 500, which tracks the 500 largest public US companies, closed 9.52% higher, its third-largest single-day gain since World War II, according to reports. Meanwhile, the Nasdaq 100 posted a 12.02% gain over the trading day.
APAC markets and Bitcoin see gains
Asia Pacific markets saw an uptick as trading began on Thursday, April 10, local time. Australia’s ASX 200 index is up 4.55% at the time of writing, while Japan’s Nikkei 225 opened the trading day almost 10% higher.
Related: Bitcoin, stocks crumble after ’90 day tariff pause’ deemed fake news — BTC whales keep accumulating
Although Trump’s initial mention of tariffs in early February shook the markets and was a key catalyst in Bitcoin dropping below the $100,000 price level, it was his major escalation in early April that triggered significant volatility across the markets.
On April 4, the US stock market lost $3.25 trillion — around $570 billion more than the entire crypto market’s $2.68 trillion valuation at the time of publication.
It came only two days after Trump signed an executive order establishing reciprocal tariffs on trading partners and a 10% baseline tariff on all imports from all countries.
Meanwhile, Bitcoin (BTC) has also experienced an uptrend. At the time of publication, Bitcoin is trading 7.52% higher than 24 hours ago, at $82,065, according to CoinMarketCap data.
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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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