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Bitcoin and Cryptocurrency Stocks Surge Following Tariff Announcement

On Wednesday afternoon, shares of companies linked to cryptocurrency experienced a significant uptick alongside the rising price of bitcoin. This market reaction came in response to President Donald Trump’s announcement of a 90-day suspension on the implementation of broad “reciprocal” tariffs.

Bitcoin (BTCUSD) saw a notable price fluctuation, trading as low as $74,500 early in the day. However, shortly after President Trump shared a message on his Truth Social account at approximately 1:15 p.m. ET, indicating an immediate halt on the tariffs, bitcoin’s value rapidly increased. The president’s announcement included a base tariff of 10% on most countries, which seemed to spur enthusiasm in the market, resulting in a spike in bitcoin’s price to around $83,000.

This surge also positively impacted various publicly traded companies involved in cryptocurrency. Notably, shares of software firm Strategy (MSTR), previously known as MicroStrategy, leaped by 24%, while Robinhood Markets (HOOD) saw an increase of 22%. Other prominent players in the cryptocurrency space, such as Coinbase (COIN), experienced a rise of 19%, bitcoin mining company MARA Holdings (MARA) gained 17%, and Riot Platforms (RIOT) added 11% to their stock values.

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