TLDR
- Bitcoin surged over 7% to reach $82,000 following Trump’s 90-day tariff pause announcement
- Bitcoin’s market cap hit $1.61 trillion, while the global crypto market grew to $2.61 trillion
- Ethereum, XRP, Solana, and other major cryptocurrencies also rallied up to 10%
- Bitwise has reaffirmed its $200,000 Bitcoin price prediction for year-end despite trade tensions
- Some analysts believe dollar weakness historically correlates with Bitcoin strength
Bitcoin prices surged over 7% to reach $82,000 after US President Donald Trump announced a 90-day pause on planned tariff hikes for most countries. The surprise policy shift sparked renewed interest in riskier assets, including cryptocurrencies.
The world’s largest cryptocurrency by market capitalization was trading at $81,917.94 as of April 10, 2025, representing a 6.52% increase in just 24 hours. Bitcoin’s market cap stood at an impressive $1.61 trillion.
In intra-day trading, Bitcoin price climbed even higher to $83,453, pushed upward by the rollback of tariffs. However, the pause did not extend to China, against which the US raised tariffs to 125% after Beijing retaliated with an 84% duty on US imports.
It’s worth noting that a baseline 10% duty on all imports remains in place, indicating that trade tensions have not completely disappeared.
Altcoins Join the Rally
The positive sentiment extended beyond Bitcoin, with other major cryptocurrencies also posting strong gains.
Ethereum, the second-largest cryptocurrency, jumped 9.8% to reach $1,610.55. Other popular tokens showed even stronger performance, with Solana and XRP both surging by approximately 10%.
BNB also joined the upward trend with a 5% increase. The combined effect of these movements pushed the overall global crypto market capitalization up by 7% to reach $2.61 trillion.
Some smaller cryptocurrencies recorded even more dramatic gains. Fartcoin led the pack with a 44% jump, followed by Flare with over 35%, while Pendle and Ondo both increased by about 22%.
Bullish Outlook and Price Predictions
Analysts at CoinDCX Research Team noted that the crypto space is recovering after a recent market downturn, with Bitcoin now rising above a key resistance level at $81,800.
“Even though the bears tried to restrict the rally, the bullish momentum is expected to prevail for a while,” according to CoinDCX.
Institutional crypto investment firm Bitwise has doubled down on its optimistic Bitcoin price prediction despite the escalating global trade tensions.
“In December, Bitwise predicted that Bitcoin would end the year at $200,000. I still think that’s in play,” said Bitwise chief investment officer Matt Hougan in an April 9 blog post.
Hougan suggested that the fallout from Trump’s global tariff push could actually benefit Bitcoin and other cryptocurrencies.
He pointed to comments from Steve Miran, chairman of the White House Council of Economic Advisers, who criticized the dollar’s reserve status as causing “persistent currency distortions” and “unsustainable trade deficits.”
Hougan believes a weaker US dollar could have positive implications for Bitcoin both in the short and long term.
“Dollar down equals Bitcoin up,” Hougan stated. “I expect this pattern will continue.”
The US Dollar Index (DXY), which compares the value of the US dollar to a basket of six major currencies, has fallen more than 7% since the beginning of 2025.
In the long term, Hougan argues that disruption to the global reserve currency system creates opportunities for alternative reserve assets, including Bitcoin and gold.
“Governments and companies turn to the dollar for international trade precisely because of its stability. When that stability comes into question, they have to look elsewhere,” he explained.
Crypto trader and analyst Will Clemente shared a similar view on social media, stating that “Bitcoin will be the fastest horse” coming out of the current market drawdown.
“It’s a pure reflection of liquidity and no earnings, if anything, economic uncertainty/deglobalization are positive for Bitcoin,” he added.
Bitcoin has seen a correction of around 32% from its January 20 all-time high, which analysts note is in line with pullbacks in previous bull market cycles.
Earlier this week, investment firm VanEck reported that China and Russia were settling some energy trades in Bitcoin as Trump’s trade war intensifies.
The current Bitcoin rally comes as the cryptocurrency recovers from its recent correction, now showing signs of breaking through key resistance levels.
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