Crypto today: BTC price taps $83K as SOL, ETH and DOGE gain billions after Trump’s tariff U-turn
Crypto Market Surges Past $2.7 Trillion Amid Policy Shifts
The cryptocurrency market experienced a significant rebound on Wednesday, April 9, 2025, with its total capitalization climbing back above $2.7 trillion. This impressive 6.5% upswing followed a period of volatility, largely ignited by a major policy announcement from the United States.
Markets reacted positively after US President Donald Trump announced a significant shift in trade tariffs. The administration moved away from country-specific tariffs, implementing a flat 10% rate for most trade partners. However, tariffs on goods from China were notably increased to 125%. This unexpected U-turn sent ripples across global markets, boosting investor confidence and triggering buying pressure, particularly in risk-on assets like cryptocurrencies.
Bitcoin Recovers Sharply, Hits $83K
Bitcoin (BTC) led the initial charge, demonstrating intense volatility. After dipping as low as $74,600 earlier on Wednesday, the leading cryptocurrency staged a remarkable recovery, surging past $82,600 and even tapping the $83,000 mark, according to some market data aggregators. At the time of writing, Bitcoin was trading around $82,500.
Data from Coingecko highlighted BTC’s wild ride, showing an 11% swing within just 18 hours (between $74,700 and $82,500). This significant price range suggests lingering indecision among investors. It also points towards active swing traders capitalizing on the heightened volatility and mixed global reactions to Trump’s tariff adjustments to execute short-term strategies.
Altcoins Outshine Bitcoin: SOL, ETH, DOGE Lead Gains
While Bitcoin’s recovery was notable, several major altcoins posted even stronger gains, outperforming BTC in the wake of the tariff news. The global crypto market cap saw an injection of roughly $84.5 billion, with altcoins capturing a significant portion.
Market data revealed that among the top-ranked cryptocurrencies, several saw double-digit percentage increases:
- Solana (SOL): Led the pack with impressive 11.7% gains in the 24-hour timeframe.
- Ethereum (ETH): Followed closely, rallying 10.5% as traders likely bought into its recently perceived ‘oversold’ status.
- Dogecoin (DOGE): The popular memecoin jumped 10.3%, fueled by market sentiment and specific ecosystem news.
- Cardano (ADA): Also posted strong gains, rising by 10.5%.
- Ripple (XRP): Showed significant strength, gaining traction among the top assets.
With Asian markets yet to fully react at the time of reporting, there’s potential for further capital inflows into these altcoins as global investors digest the implications of the US trade policy shift and potentially increase exposure to risk assets.
Key Developments Driving Altcoin Movements
Beyond the macroeconomic trigger, specific news items contributed to individual altcoin performance:
- Dogecoin ETP Launch: 21Shares, a prominent crypto ETP issuer, partnered with House of Doge to list a new, physically-backed Dogecoin ETP on the SIX Swiss Exchange under the ticker DOGE. Notably, this is the first Dogecoin ETP officially endorsed by the Dogecoin Foundation, offering institutional-grade exposure without direct key management. Some reports also suggest renewed interest spurred by potential ETF filings in the US.
- Argentina Investigates Libra Memecoin: Argentina’s Chamber of Deputies launched an official investigation into government officials’ alleged ties to the controversial Libra memecoin scandal. Libra, a Solana-based token, saw a sharp rally after endorsements from President Javier Milei, followed by a rapid collapse, leading to fraud allegations. The probe examines potential conflicts of interest and prior knowledge of risks associated with the token.
Tether Increases Stake in Bitdeer
In other industry news, Tether, the issuer of the world’s largest stablecoin (USDT), increased its equity stake in Bitcoin mining company Bitdeer Technologies Group. According to an SEC filing, Tether boosted its holding from 21% to 22.8%. This move underscores Tether’s ongoing strategy to diversify its operations beyond stablecoins and invest further into the crypto infrastructure sector, including energy and mining.
Market Volatility Persists
The sharp price movements across the crypto market underscore the ongoing volatility and sensitivity to macroeconomic news and regulatory developments. While the recent rally is encouraging for bulls, investors should remain cautious as market sentiment can shift rapidly.
Disclaimer: The content presented in this article is for informational purposes only and should be considered general advice. It does not constitute investment advice, investment recommendations, or an offer or solicitation for any transactions in financial instruments. Investing in cryptocurrencies involves a high degree of risk, including the potential loss of principal. You should conduct your own thorough research before making any investment decisions.
