Bitcoin surges 5.9% on Trump's 90-day tariff pause

ISTANBUL

The price of Bitcoin soared 5.9% on Wednesday after US President Donald Trump announced that some countries will be given a 90-day pause in tariffs above 10%, except for China.

The price of Bitcoin was at around $81,820 as of 1900GMT, and its market cap rose to $1.62 trillion.

Bitcoin's transaction volume in the last 24-hour period was around $75.5 billion.

In January, the price of Bitcoin saw its highest-ever value of around $109,000 due to the inauguration of Trump, who has championed cryptocurrency.

It later fell due to tensions and uncertainty about Trump's aggressive tariffs.

Ethereum prices also rose by 10.6% to $1,628 over the same period.

On April 2, Trump announced tariffs of 10-50% on more than 180 countries, rocking world markets.

In his latest move, Trump announced Wednesday that the total tariff rate on China was increased to 125%, while granting other nations a 90-day reprieve from a Wednesday deadline in which they were expected to be hit with tariffs above a 10% baseline.