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Shares of cryptocurrency-tied companies jumped along with the price of bitcoin Wednesday afternoon after President Donald Trump issued a 90-day pause on widespread “reciprocal” tariffs.
Bitcoin (BTCUSD), which traded as low as $74,500 Wednesday morning, was trading below $77,000 when President Trump wrote in a Truth Social post just after 1:15 p.m. ET that he was pausing the duties effective immediately, and that a base tariff of 10% on most countries. The largest cryptocurrency soon soared, along with risk assets like equities, surging to roughly $83,000 in recent trading.
Shares of bitcoin buyer Strategy (MSTR), formerly known as MicroStrategy, and trading platform Robinhood Markets (HOOD) jumped 24% and 22%, respectively. Crypto exchange Coinbase (COIN) soared 19%, bitcoin miner MARA Holdings (MARA) added 17%, and Riot Platforms (RIOT) gained 11%.
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