Bitcoin Surges Above $84,500 as XRP, ETH, and ADA Experience Notable Gains Amid Trade Policy Changes
April 12, 2025
In a notable market shift, Bitcoin (BTC) has risen over 1.5% to exceed the $84,500 mark, a move considered significant as it attempts to break free from a three-month downtrend. This surge comes in the wake of recent tariff exemptions announced by the Trump administration that could signal a thawing in ongoing U.S.-China trade tensions.
Tariff Exemptions Potentially Influence Market Sentiment
On Saturday, the U.S. Customs and Border Protection released new guidance that strategically exempted several major technology products from Trump’s reciprocal tariffs, including smartphones, computers, chips, and other electronics. This decision to exclude key imports from the baseline 10% global tariff and the steep 125% tariffs on Chinese goods has been interpreted as a possible concession by the U.S. amid escalating trade conflicts.
"The U.S. imports over $60 billion worth of smartphones every year. These exemptions cover crucial imports, suggesting that the U.S. may be backing down in this trade war. After all, market pressures are compelling Trump to concede," reported The Kobeissi Letter via the social media platform X.
Market Reactions and Cryptocurrency Gains
The lifting of some tariffs has seemingly eased market fears and may have instigated a renewed appetite for riskier assets. Alongside Bitcoin’s resurgence, several alternative cryptocurrencies have also seen notable price increases. Ethereum (ETH), Ripple (XRP), and Cardano (ADA) all gained approximately 6% during the same trading session, reflecting a broader trend of increased risk-taking within the cryptocurrency market.
The cumulative market capitalization of the top two stablecoins, Tether (USDT) and USD Coin (USDC), remained stable above $200 billion, just below their all-time highs, indicating robust market participation.
Technical Analysis Points Toward a Possible Trend Reversal
From a technical perspective, Bitcoin’s current rally appears to be establishing a foothold above a descending trendline, which had characterized the extended sell-off from its previous record high of over $109,000. Analysts are suggesting that a successful breakout above this trendline could trigger additional buying interest from chart-driven traders, potentially leading to further price gains.
Looking Ahead
As the cryptocurrency market remains open for trading this weekend, the positive momentum observed could set the stage for a compelling start on Wall Street come Monday. Market watchers and investors will be keen to see how these fluctuations in trade policy and tariff exemptions will play into the broader financial landscape and impact cryptocurrency valuations in the near term.
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About the Author:
Omkar Godbole is a Co-Managing Editor at CoinDesk’s Markets team, based in Mumbai. With a master’s degree in finance and a Chartered Market Technician (CMT) designation, Omkar has extensive experience in financial markets and cryptocurrency analysis. Prior to joining CoinDesk, he contributed to research on currency markets at FXStreet and served as a fundamental analyst in brokerages in Mumbai.
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