Bitcoin sees big swings, up and down, as markets react sharply to tariff news
The White House has denied reports that it is considering delaying the introduction of tariffs for 90 days.
Author: Christian Sandor | Edited by: Stephen Alpher Updated: April 7, 2025, 3:34 PM Published: April 7, 2025, 3:07 PM
Key points:
- Speculation that Trump might delay the tariffs sent markets tumultuous at the start of U.S. trading on Monday.
- Bitcoin rose above $80,000, recovering from a low of $74,400, while the Nasdaq index went from a nearly 5% drop to a 5% gain.
- The White House denied the rumors, causing another reversal in prices.
The last hour and a half has been turbulent in the markets, with the Nasdaq swinging from a 5% drop to a 5% gain and then very quickly back to zero amid rumors (later denied by the White House) that President Trump was considering a ninety-day delay in tariffs on all countries except China.
“This is fake news,” White House press secretary Caroline Leavitt said in response to rumors of a delay.
Cryptocurrencies also saw volatility, with Bitcoin (BTC) jumping from $74,400 to more than $80,000 before falling back to $79,000, still down 4.3% over the past 24 hours. Ether (ETH) remains down more than 11%, while XRP has fallen 9.3%.
However, amid the ongoing market panic, there have been some positive developments: European Union Commissioner Ursula von der Leyen said: “Europe is ready to negotiate with the US,” including on introducing zero tariffs on industrial goods.
Meanwhile, President Trump noted: “Countries from all over the world are talking to us,” adding that Japan is sending “the best team” for the discussions.
