Key Highlights:

• Bitcoin surged to nearly $82,000, boosting the crypto market after President Trump reversed tariffs.
• Significant cryptocurrency gains included a 12% increase for XRP and ETH, while Cardano (ADA) and Solana (SOL) saw rises of 10%.
• U.S. stock markets recorded their best rally since 2008, with the S&P 500 up 9.5% and Nasdaq 100 climbing 12%.

Bitcoin (BTC) commenced trading at nearly $82,000 early Thursday, reflecting a wider crypto market rally triggered by Trump’s change in tariff policy. This decision included a pause on increased tariffs for most countries, except for China, which experienced a tariff raise to 125%.

Bitcoin Surge (CoinDesk Indices)

The overall cryptocurrency market capitalization increased by 6%. XRP and ether (ETH) led the market with a 12% upswing, while other tokens like Cardano’s ADA, BNB, SOL, and dogecoin (DOGE) surged by as much as 10%.

Liquidation events on crypto-tracked futures totalled over $350 million, reflecting a stable market shift. Traders are discerning signs for further positioning amid uncertainties.

“The market is rallying in response to anticipation that most trading partners will negotiate trade deals with the US, avoiding a full-fledged trade war,” - Jeff Mei told CoinDesk via Telegram.

“The upswing was fueled by optimism that the worst may be behind us.” - Jupiter Zheng commented in an email.

The tariffications, impactful on low-market cap tokens, show the extensive reach of these financial dynamics. Countries subjected to the enhanced duties that took effect recently will revert to a lesser initial rate.

In summary, with Trump’s tariff pause, the crypto landscape is witnessing notably energizing movements from major currencies as fresh negotiations begin, fostering hope for a more favorable trading environment.