Speculation over a purported White House plan to pause tariffs for ninety days on all countries except China sent markets into a frenzy earlier today, triggering abrupt price reversals across equities, Bitcoin and cryptocurrencies. In a quick-fire series of conflicting updates, the rumor initially floated at around 10:10 AM ET, sparked momentum in risk assets, and was eventually deemed \u201cfake news\u201d by the White House.<\/p>\n
The Kobeissi Letter (@KobeissiLetter) described<\/a> the chronology on X, noting: \u201cWhat just happened? At 10:10 AM ET, rumors emerged that the White House was considering a \u201890-day tariff pause.\u2019 At 10:15 AM ET, CNBC reported that Trump is considering a 90-day pause on tariffs for ALL countries except for China. By 10:18 AM ET, the S&P 500 had added over +$3 TRILLION in market cap from its low.\u201d<\/p>\n However, only seven minutes later, at 10:25 AM ET, reports emerged that the White House was \u2018unaware\u2019 of Trump considering a 90-day pause. \u201cAt 10:26 AM ET, CNBC reports that the 90-day tariff pause headlines were incorrect. At 10:34 AM ET, the White House officially called the tariff pause headlines \u2018fake news.\u2019 By 10:40 AM ET, the S&P 500 erased -$2.5 TRILLION of market cap from its high, 22 minutes prior. Never in history have we seen something like this,\u201d The Kobeissi Letter writes.<\/p>\n The mere suggestion of a temporary reprieve from tariffs managed to shift sentiment rapidly in both equity and crypto markets. BTC, which was trading around $75,805 at the time, soared by roughly 7.2% to surpass $81,200 within half an hour. Once confirmation arrived that no such pause was planned, the gains evaporated almost as fast as they had arrived, pulling Bitcoin back to roughly $77,560.<\/p>\n The abrupt turn of events unleashed a wave of commentary among crypto observers. Pentoshi (@Pentosh1) remarked that \u201cThe fake news tweet showed there\u2019s a lot of sidelined capital at least for relief rally and the risk is to the upside on any positive news at least temporarily.\u201d<\/p>\n Will Clemente III cautioned: \u201cBear take: Liquidity is bad and this volatility might break something. Bull take: This headline was the cointelegraph intern BTC ETF headline but for equities.\u201d<\/p>\n Julio Moreno, Head of Research at CryptoQuant, remarked that \u201cBitcoin\u2019s current price drawdown is about to become the largest of the current cycle,\u201d illustrating his point with a chart that showed BTC\u2019s correction reaching -26.62%, matching the scale of August 2024\u2019s correction.<\/p>\n Macro analyst Alex Kr\u00fcger (@krugermacro) invoked<\/a> BlackRock CEO Larry Fink\u2019s observation that another 20% market drop is not out of the question, saying: \u201cThat\u2019s the thing. Under normal circumstances, probability of such scenarios or things such as stagflation<\/a> are so low you can just brush them off. Trump opened up the left tail => anything is possible. We are one headline away from a 7% candle in either direction.\u201d<\/p>\n Podcast host Felix Jauvin (@fejau_inc) agrees: \u201cWhat\u2019s so crazy about this crash<\/a> vs other is its entirely self-willed and could be reversed in an instant on one tweet. Has there ever been anything like that?\u201d<\/p>\n In the midst of the turmoil, European Union Commissioner Ursula von der Leyen reaffirmed a willingness to seek solutions, stating, \u201cEurope is ready to negotiate with the US,\u201d including the possibility of zero-for-zero tariffs<\/a> on industrial goods.<\/p>\n At press time, BTC traded at $78,824.<\/p>","protected":false},"excerpt":{"rendered":" Speculation over a purported White House plan to pause tariffs for ninety days on all countries except China sent markets into a frenzy earlier today, triggering abrupt price reversals across equities, Bitcoin and cryptocurrencies. In a quick-fire series of conflicting updates, the rumor initially floated at around 10:10 AM ET, sparked momentum in risk assets, […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-57530","post","type-post","status-publish","format-standard","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/57530"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=57530"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/57530\/revisions"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=57530"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=57530"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=57530"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}