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Bitcoin Pops and Drops as Markets Swing Wildly on Tariff News
The White House denied a report that it was mulling a 90-day delay on imposition of tariffs.
Updated Apr 7, 2025, 3:34 p.m. Published Apr 7, 2025, 3:07 p.m.
What to know:
- Speculation about a Trump tariff delay sent markets swinging wildly during early U.S. trading on Monday.
- Bitcoin surged above $80,000, recovering from a low of $74,400, while the Nasdaq swung from nearly a 5% loss to a 5% gain.
- The rumor was shot down by the White House, prompting another reversal in prices.
It's been a wild ninety minutes in markets, with the Nasdaq swinging from about a 5% loss to a 5% gain and then returning to flat in very quick order on a story — later denied by the White House — that President Trump was considering a ninety-day delay in the implementation of his tariff regime for all countries except China.
"Fake news," said White House Press Secretary Caroline Leavitt in response to the delay rumor.
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The swing touched cryptos as well, with rising from the $74,400 to above $80,000 before retreating back to $79,000, still lower by 4.3% over the past 24 hours. Ether remains lower by more than 11%, while XRP is down 9.3%.
Amid the ongoing market panic, there are some green shoots though, with European Union Commissioner Ursula von der Leyen saying, "Europe is ready to negotiate with the U.S.," including offering zero-for zero tariffs on industrial goods.
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President Trump, meanwhile, said, "Countries from all over the world are talking to us," and claimed Japan is sending a "top team" to negotiate.
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