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Bitcoin Tops $84.5K, Looks to End Downtrend as Trump Exempts Key Tech From Reciprocal Tariffs
Major cryptocurrencies like ETH, XRP, and ADA saw significant gains, indicating increased risk-taking in the market.
Updated Apr 12, 2025, 3:17 p.m. Published Apr 12, 2025, 2:42 p.m.
What to know:
- Bitcoin rose over 1.5% to $84,900, aiming to break a three-month downtrend following new U.S. tariff exemptions.
- The U.S. Customs and Border Protection excluded big tech from Trump's tariffs, signaling a potential concession in the trade war.
- Major cryptocurrencies like ETH, XRP, and ADA saw significant gains, indicating increased risk-taking in the market.
Bitcoin rose over 1.5% to $84,900 Saturday, looking to break a three-month downtrend after the Trump administration issued new guidance on reciprocal tariffs, listing several exemptions like smartphones, computers, chips and other electronics.
These exclusions, published by U.S. Customs and Border Protection, list products from President Donald Trump's 125% China tariff and his baseline 10% global levy.
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"The US imports over $60 BILLION of smartphones per year. These exemptions cover some of the most crucial imports in another sign of the U.S. conceding in the trade war. After all, the bond market is forcing Trump to concede," The Kobeissi Letter said on X.
The U.S. and China ratcheted up trade tensions this week, imposing import tariffs in excess of 100% over each other. Still, some sections of the financial market have priced in disinflation in the U.S., going against popular inflation fears and suggesting that the Fed might soon have a leeway to cut interest rates.
The chart shows that BTC is looking to establish a foothold above the descending trendline, characterizing the steep sell-off from record highs above $109K. The so-called trendline breakout could entice more chart-driven buyers to the market.
Meanwhile, major alternative cryptocurrencies like ETH, XRP, and ADA surged by 6% on the day, indicating a trend of increased risk-taking in the broader crypto market. The cumulative market cap of the top two stablecoins, USDT and USDC, held steady above $200 billion, just shy of record highs.
This positive momentum in the crypto market, which opened for trading over the weekend, suggests the potential for price gains on Wall Street come Monday.
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