Bitcoin Crosses $90K as Trump Delays Canada, Mexico Auto Tariffs
From coindesk By Krisztian Sandor| Edited by Stephen Alpher
What to know:
- Donald Trump's tariff delay on auto parts from Canada and Mexico, along with Germany's plan to ease debt limits and China increasing its target budget deficit, led to a rise in risk markets on Wednesday.
- Bitcoin rose above $90,000, while bitcoin cash (BCH), Chainlink's LINK and Aptos' APT posted double-digit percentage gains.
- The U.S. dollar index dropped to its lowest level since early November, which also may have supported crypto prices.
- Despite the recent pullback, Swissblock's Bitcoin Fundamental Index indicates that fundamentals are shifting into a bullish quadrant, suggesting a bear market is unlikely.
In the latest whipsaw of headlines this week, Donald Trump's tariff delay Wednesday eased investor worries with bitcoin ( BTC ) leading the crypto market higher.
The U.S. government confirmed to delay tariffs on auto parts coming from Canada and Mexico by one month just one day after enacting them. Germany's plan to ease debt limits for infrastructure spending and China hiking its target deficit also contributed to rebounding risk markets.
BTC climbed just above $90,000 on the news, up 3.7% over the past 24 hours. Almost all assets in the broad-market CoinDesk 20 Index advanced, with bitcoin cash (BCH), Chainlink's LINK and Aptos' (APT) booking double-digit gains.
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CoinDesk 20 Index leaders (CoinDesk Indices)
