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Global markets presented a bifurcated picture on Tuesday, with US equities surging on signals of potential flexibility in US President Donald Trump's upcoming tariff announcements, while the cryptocurrency market displayed a more subdued and mixed performance.
Bitcoin (BTC) is currently trading at $86,389, almost unchanged at -0.35% over the past 24 hours. Ethereum (ETH) has seen a more significant uptick, 1.18% up to $2,042 in the same period, while Solana (SOL) is down -0.24% to $138.4, according to data from Coinmarketcap.
Traditional equities, however, experienced a strong rally in Monday's trading session, largely fueled by reports indicating President Trump might be reconsidering the strict imposition of new tariffs, particularly on the automotive sector. The S&P 500, Nasdaq, and Dow Jones Industrial Average all posted substantial gains.
Investor sentiment was buoyed by the prospect of eased trade tensions, with companies like Nvidia (+3.15%) and Tesla (+11.93%), which have significant international supply chains and sales, seeing notable increases in their stock prices.
ITS RECIPROCAL pic.twitter.com/7R7OY3Xw0X
— Wendy O (@CryptoWendyO) March 24, 2025
The cryptocurrency market's response to the tariff news has been less pronounced. While Bitcoin has seen a small gain, the broader crypto market is showing signs of consolidation after recent volatility. Some analysts suggest that the cryptocurrency market may have already factored in a degree of global economic uncertainty, while others point to different fundamental factors driving crypto valuations.
Despite the mixed performance among major cryptocurrencies, the global cryptocurrency market capitalization has seen a slight overall increase, up 0.4% to $2.83 trillion.
In related news, President Trump also announced new tariffs targeting countries that purchase Venezuelan oil and gas. This development has led to a moderate increase in oil prices as the market anticipates potential shifts in global energy supply chains.
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