Ethereum and Solana exploded upward as top cryptocurrencies reacted to U.S. president Donald Trump’s announcement of a 90-day pause to tariffs.
The price of Ethereum (ETH), which was hovering under $1,500, rose sharply as it gained more than 11% to trade above $1,650.
Meanwhile, Solana (SOL) spiked 13%, joining a broader crypto rally sparked by President Donald Trump’s announcement. SOL broke above $120.
With fresh optimism across the market, it wasn’t just ETH or SOL that went vertical within minutes.
Bitcoin (BTC), which has also plummeted below $80k and retested levels near $74k, jumped on news of the 90-day tariff pause, which Trump announced as being effective immediately and live for several countries.
As analysts at CyptoQuant.com noted, the spike to $82k for BTC triggered a notable $92 million in short liquidations within an hour.
Coinglass data shows total liquidations within the last 24 hours stood at $574 million, with more than $342 million of these being shorts. This wipe out for bearish bets came as reactions from investors within the broader digital asset markets also buoyed XRP, Cardano and Dogecoin.
Most altcoins recorded notable upticks.
A similar scenario unfolded in the stock market, with the S&P 500 surging more than 7% and Nasdaq 9%. The Dow Jones Industrial Average spiked more than 2,400 points to record its biggest single-day jump in five years.
Given Trump imposed further tariffs on China, it remains to be seen what Beijing does next. The 125% tariff rate comes after China retaliated to Trump’s 50% spike earlier in the week with their own 50% – pushings its tariffs on the U.S to 84%.
While traders ride market optimism, China’s exclusion from the 90-day pause may tame the upside potential – with what comes next key.
