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Bitcoin and other major cryptocurrencies rose on Monday as investors responded positively to signs that the Trump administration was taking a more moderate stance on bilateral tariffs and gained confidence from strong U.S. economic data.
Bitcoin Surpasses $87,000 as Trump Tariff Concerns Ease
Bitcoin (BTC) rose 3.29% to $87,300, reaching its highest level since March 7. Ethereum (ETH) also gained 3.2% to cross the $2,000 threshold and trade at $2,079.
Other major cryptocurrencies also posted strong gains:
- XRP (XRP): +3% to $2.46
- Solana (SOL): +5.6 up to $138
- GMCI 30 Index: +3%, tracks top 30 cryptocurrencies
Markets Rebound as Trade War Fears Ease
The rally came as investors digested recent signals from the White House that appeared to be taking a more “targeted” approach rather than a broad implementation of Trump’s proposed tariffs, according to Bloomberg.
The administration’s softened stance has eased fears of an all-out trade war, providing support for risk assets including cryptocurrencies and stocks.
“Crypto markets are rallying as investors respond positively to Trump’s more cooperative stance on tariffs set to go into effect on April 2 and the Federal Reserve’s focus on long-term inflation trends,” said Vincent Liu, Chief Investment Officer at Kronos Research.
Economic Data Boosts Investor Confidence
Recent economic indicators have also reassured investors that the U.S. economy remains resilient despite concerns about tariffs. Key data highlights include:
- US Jobless Claims: Increased slightly by 2,000 to 223,000, indicating that the labor market remains strong.
- February Inflation Data: The Consumer Price Index (CPI) showed inflation slowing to 2.8%, a positive sign for Federal Reserve policy expectations.
*This is not investment advice.