Bitcoin, XRP, SOL Gain Along with U.S. Stock Futures as Trump Plans Targeted 'Liberation Day' Tariff Measures

SOL supports BTC and XRP as SPX futures rise on reports that Trump's expected tariffs on April 2 may be smaller than previously thought.

Author: Omkar Godbole | Edited by: Sam Reynolds Updated: Mar 24, 2025 4:52 AM UTC Published: Mar 24, 2025 4:21 AM UTC

What you should know:

• Financial markets were upbeat on Monday morning amid news that Trump's upcoming tariffs, set to take effect April 2, may be less severe than expected.
• Bitcoin traded at around $86,500, up 2.7% over the past 24 hours, while Solana's SOL token rose nearly 6% to $138.
• Key events to watch in the coming days include Friday's PCE data, the Fed's main measure of inflation, and a Senate Banking Committee hearing featuring SEC nominee Paul Atkins and Comptroller of the Currency nominee Jonathan Gould on March 27.

Risk-on sentiment was in the air in Asian markets on Monday morning, amid news that Trump's next round of tariffs, set to be imposed on April 2, could be less severe than expected.

Bitcoin (BTC), the largest digital asset by market cap, was trading at around $86,500, up 2.7% in 24 hours, while Solana's SOL token was up nearly 6% at $138, according to CoinDesk.

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Payments-focused XRP rose 2.5% to $2.44, trading above its 50-day simple moving average (SMA) after two weeks of positive price momentum.

Futures on the S&P 500, Dow Jones Industrial Average and Nasdaq were up more than 0.5% on the day, while Wall Street's VIX fear index was down 2.5% to 18.88. Markets in China recovered lost ground.

Market optimism was boosted by weekend media reports that President Donald Trump's planned “reciprocal tariffs” expected on April 2 may be more targeted than the spate of threats he has made from time to time.

Some countries will get tax exemptions, and existing duties on steel and other metals may not be cumulative, according to a Bloomberg report.

Trump’s tariffs sent markets into turmoil in February, sending both stocks and cryptocurrency markets lower. BTC fell nearly 17.6%, hitting lows below $80,000. Last week, the Federal Reserve revised its inflation forecasts higher while cutting its economic growth forecasts, likely due to Trump’s aggressive trade policies.

However, the Fed has called the inflationary effect caused by tariffs temporary, maintaining forecasts for two rate cuts this year as part of its dovish stance on risk assets such as cryptocurrencies.

The Fed's actions, coupled with expectations of tariff easing, have revived positive market sentiment.

“I'm betting $BTC hits $110k before testing $76.5 again

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