Bitcoin up 8.51%, Ethereum up 14.51%
125% Tariff on China, 90-Day Suspension for Other Countries
As U.S. President Donald Trump decided to suspend the reciprocal tariffs imposed on most countries for 90 days, cryptocurrencies showed a surge.
According to the global cryptocurrency exchange Coinbase on the 10th, as of 7:36 a.m., Bitcoin was trading at 120.39 million KRW, up 8.51 percentage points compared to 24 hours earlier. During the same period, Ethereum rose 14.51 percentage points to 2.42 million KRW, while Ripple (XRP) and Solana increased by 14.62 percentage points and 13.49 percentage points, trading at 2,990 KRW and 172,563 KRW respectively.
When President Trump announced on the social networking service (SNS) 'Truth Social' that he had decided to suspend the tariff increase for 90 days, cryptocurrencies surged. If the tariffs had been imposed as scheduled, a large amount of money would have flooded the market, lowering the currency value and potentially fueling inflation by driving up prices.
Trump also added, "More than 75 countries requested negotiations with the United States and did not take retaliatory measures." However, regarding China, he stated, "China is still taking advantage of the United States," and considering China's rude attitude toward the global market, he announced that tariffs on Chinese products would be raised to 125%.
Zahir Evtikar, founder of the cryptocurrency fund Split Capital, analyzed, "Crazy! The administration had taken a firm stance on tariffs every day for the past two weeks, but the president changing his position on tariffs so quickly clearly shows flexibility."
Joel Kruger, market strategist at LMAX Group, said, "Bitcoin's relative strength supports the argument that it should be included as a risk diversification tool in portfolios," adding, "Investors are beginning to recognize Bitcoin's intrinsic value amid global market volatility, especially its appeal as a safe-haven asset."
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