Crypto-related stocks experienced a remarkable rally on Wednesday as President Trump announced a temporary halt to his controversial global tariff plan, fueling a broader market recovery that resulted in historic gains across major indices.
Michael Saylor’s Strategy skyrocketed nearly 25% to close at $296.86, while cryptocurrency exchange Coinbase saw its shares jump 17% to $177.09 by the end of the trading day on April 9.
The dramatic upswing came primarily during the final three hours of trading after Trump revealed a 90-day pause on his “reciprocal tariffs” policy via his Truth Social platform.
“The market response was immediate and powerful,” said market analyst Emma Chen. “We haven’t seen this kind of single-day recovery in crypto stocks since the early days of the 2021 bull run.”
Crypto Miners Surge Amid Market Rally Following Targeted Tariff Announcement
Mining companies were among the biggest beneficiaries of the rally, with MARA Holdings gaining 17%, Cipher Platforms up 16.59%, and Riot Platforms climbing 12.77%. These companies, whose profitability is closely tied to both cryptocurrency prices and operational costs, had previously faced significant pressure from fears of increased electricity costs and business expenses that could result from broad tariffs.
The rally overflowed beyond the crypto space, with the S&P 500 posting its third-largest percentage increase on any given day since World War II, increasing by 9.52%. Tech-heavy Nasdaq 100 increased a staggering 12.02%.
Trump’s announcement slapped a lower tariff rate of 10% on all other countries except China, whose rate was raised to 125% in response to what the president called “counter-tariffs against the US.”
This targeted approach appeared to assuage investors who had been concerned that more comprehensive trade barriers would hamper global supply chains and inflation.
“What we’re seeing is the market collectively exhale after weeks of anxiety,” said financial strategist Marcus Williams. “Traders had been assuming the worst-case for global trade, and this relief gives some breathing room for companies to retool their plans.”
Bitcoin Bounces Back as Markets Recover from Tariff Fears
Bitcoin also benefited from the better sentiment in the market, trading at $82,065 at the time of publication—a 7.52% gain in the last 24 hours. The top cryptocurrency had earlier dipped below $100,000 as a result of worries about Trump’s tariff policies that were first rolled out in February.
The market recovery has spread globally, with Asia-Pacific markets showing significant gains as trading began on Thursday. Australia’s ASX 200 index rose 4.55%, while Japan’s Nikkei 225 opened nearly 10% higher.
This positive market reaction stands in stark contrast to the turmoil experienced just days earlier. On April 4, the US stock market had lost a staggering $3.25 trillion in value—exceeding the entire cryptocurrency market’s valuation by approximately $570 billion.
That sell-off came shortly after Trump signed an executive order on April 2 establishing reciprocal tariffs on trading partners and a baseline 10% tariff on all imports.
“The volatility we’ve seen over the past week highlights how sensitive markets have become to trade policy,” noted economic researcher Dr. Sarah Johnson. “Cryptocurrency stocks in particular seem to be functioning as a barometer for investor risk appetite in this uncertain environment.”
Industry observers remain cautious about the long-term implications of the tariff pause. “This 90-day window gives businesses some temporary relief, but the underlying policy direction hasn’t fundamentally changed,” warned trade policy expert Thomas Garcia. “Companies are likely using this time to restructure their supply chains and prepare for potential future tariffs.”
For crypto investors specifically, the correlation between traditional market forces and digital asset prices continues to strengthen.
Bitcoin price movement has increasingly become more and more correlated with the general market direction, against the notion that cryptocurrencies are primarily used as hedges against volatility in the traditional market.
As markets process the implications of Trump’s rhetoric, analysts will be keenly looking for indications of the administration’s future trade policy and how it might shape traditional and crypto markets in the coming months.
