WASHINGTON (dpa-AFX) - Cryptocurrencies surged ahead in the past 24 hours in a relief rally triggered by President Trump announcing a pause on higher trade tariffs. Overall crypto market capitalization has jumped more than 5.8 percent overnight whereas the 24-hour trading volume has recorded a surge of 19.8 percent.
President Trump on Wednesday announced a 90-day pause on higher tariffs imposed on all countries except China. He also simultaneously authorized the raising of tariffs on China to 125 percent.
Assets across regions and asset classes rebounded in response to the tariff pause news.
Dow Jones rallied 7.9 percent on Wednesday whereas the S&P 500 jumped 9.5 percent. The Nasdaq Composite surged 12.2 percent in Wednesday's trading.
Japan's Nikkei 225 jumped 9 percent on Thursday whereas the German DAX has added 5.8 percent in Thursday's trading. Wall Street Futures are however currently trading with losses of more than a percent.
Gold futures for April settlement which jumped to a high of $3,118.5 on Wednesday and a high of $3,149.20 on Thursday is currently trading at $3135.69, versus the all-time high of $3,201.60 touched on April 2.
Bond yields in the U.S. have also eased in response to the tariff pause announcement. Ten-year yields have slipped 2.3 percent overnight to 4.293 percent whereas 5-year yields have declined 2.9 percent to 3.981 percent. Yields of the 30-year tenor have also eased 1.3 percent overnight to 4.727 percent.
The six-currency Dollar Index which measures the dollar's strength against a basket of 6 currencies is currently at 102.02 after ranging between 102.95 and 102. The index had ranged between 103.33 and 101.84 on Wednesday and between 103.44 and 102.75 on Tuesday.
Minutes of the FOMC released on Wednesday revealed the Fed's anxiety about stagflation and the potentially challenging trade-off between higher inflation and the slower growth and employment. Markets in the meanwhile are also waiting for the release of consumer price inflation update from the U.S. on Thursday morning. Data for the month of March to be released by the U.S. Bureau of Labor Statistics is expected to show an easing in annual headline inflation, annual core inflation and monthly headline inflation. The month-on-month core inflation is however anticipated to edge up from the levels recorded in February.
More than 85 percent of the top 100 cryptocurrencies have gained more than a percent in the past 24 hours. The rally has helped crypto market capitalization rise to $2.6 trillion. Market capitalization of the memes category jumped 7.8 percent and of the AI& Big data category surged 7.2 percent. Amidst the risk-on sentiment, market capitalization of stablecoins edged up 0.01percent.
Bitcoin has added more than 6 percent overnight to trade at $82,048. The leading cryptocurrency traded between $83,541 and $75,754 in the past 24 hours.
Ethereum rallied 8.4 percent in the past 24 hours to trade at $1,603. The leading alternate coin traded between $1,687 and $1,441 in the past 24 hours.
4th ranked XRP surged 9.9 percent during the past 24 hours as it changes hands at $2.00.
5th ranked BNB gained 3.6 percent whereas 7th ranked Solana rallied 7.6 percent during the past 24 hours. 8th ranked Dogecoin gained 7 percent followed by 9th ranked TRON that added 4.9 percent overnight. 10th ranked Cardano jumped 9.5 percent in the past 24 hours.
77th ranked Fartcoin (FARTCOIN) topped overnight gains among the top 100 cryptocurrencies with a surge of more than 32 percent. 65th ranked Flare (FLR) also added more than 28 percent in the past 24 hours.
96th ranked Zcash (ZEC) topped overnight losses among the top 100 cryptocurrencies with a decline of 6.3 percent. The ZEC token has erased more than 16 percent over the past week. 87th ranked Tezos also shed 2.6 percent over the past 24 hours.
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