The U.S. Trump administration suspended the imposition of mutual tariffs from major countries except China for 90 days, leading to a surge in the prices of digital assets such as Bitcoin.
As of 8 a.m. on the 9th (local time), Bitcoin is trading at $83,064, up 8.43% from 24 hours ago, according to CoinMarketCap. Bitcoin had dropped to $74,000 the previous day.
Other digital assets also showed a sharp rise. Ethereum is currently trading at $1,669, up 14.12% from 24 hours ago, while Ripple recorded $2, up 15.14%. Solana is also trading at $119, up 13.15%.
The surge in Bitcoin is interpreted as a result of U.S. President Donald Trump's announcement of the tariff suspension. On the same day, President Trump stated on his social media platform Truth Social that, due to China's "rude attitude toward the global market," he would immediately increase the tariff on imports from China to 125%, significantly higher than before. However, he decided to apply only a 10% basic tariff on all mutual tariff countries except China, citing cooperation with the U.S.
The tariff suspension measure by President Trump led to a record surge in the New York stock market that day. The Dow Jones Industrial Average closed at 40,608.45, up 2,962.86 points (7.87%) compared to the previous session. The Standard & Poor's (S&P) 500 index closed at 5,456.90, up 474.13 points (9.52%).