Major altcoins gain as total crypto market capitalization climbs 1% to $3.14 trillion.
Following a volatile start, crypto markets rebounded on Wednesday after U.S. President Donald Trump reversed course on trade tariffs against Europe, which were set to take effect on Feb. 1.
Bitcoin (BTC) is trading at $90,100, up nearly 1% in the past 24 hours, after dipping as low as $87,200 earlier in the day. Meanwhile, ETH rallied 2% to $3,050, SOL spiked 3.3% to $131, and XRP climbed 4% to $1.97.
The overall crypto market capitalization increased by 1.1% to $3.14 trillion, according to Coingecko.
“Based upon a very productive meeting that I have had with the Secretary General of NATO, Mark Rutte, we have formed the framework of a future deal with respect to Greenland and, in fact, the entire Arctic Region,” Trump posted. “Based upon this understanding, I will not be imposing the Tariffs that were scheduled to go into effect on February 1st.”
Investor sentiment was also buoyed by comments from David Sacks, the White House AI and Crypto Czar, who told CNBC that he expects banks to further integrate crypto once the Clarity Act passes.
Nearly all of the Top 100 digital assets posted gains over the last 24 hours, led by Myx Finance (MYX), Canton (CC), and PUMP, which are up 19%, 16%, and 10%, respectively.
As a result of market volatility, around 166,000 leveraged traders were liquidated for a total of $1.01 billion in the past 24 hours, according to CoinGlass. Bitcoin accounted for $425 million, while ETH positions made up $365 million.
Meanwhile, stocks surged, and precious metals retreated from record highs. The S&P 500 and Nasdaq gained 1.5% and 1.9%, respectively, while the yellow metal hovered around $4800/oz.