Bitcoin Surges Above $82,000 on Tariff Pause, XRP Rallies on ETF Launch

The cryptocurrency market rebounded sharply after President Trump announced a 90-day tariff pause for non-retaliating countries, with Bitcoin surpassing $83,000 and XRP gaining 13% to reclaim the $2 level

The cryptocurrency market experienced a sharp rebound on April 9 after President Trump announced a 90-day pause on tariffs for non-retaliating countries.

As part of broader trade measures, Trump said that tariffs on goods from China would remain at 125%, impacting crypto-related mining equipment and other imports.

Over the weekend, the S&P 500 rallied nearly 7% and Bitcoin surged more than 5% in less than an hour as markets reacted to the administration’s decision. This market change came as a welcome relief after several days of downward pressure, mainly related to world trade concerns.

This week’s crypto market highlights include:

The SEC approved options trading on several spot Ethereum ETFs—ETHA, ETHW, ETHE, and FESH.

After same filings by Bitwise and Grayscale, crypto asset management firm 21Shares also registered with the SEC to develop a spot Dogecoin ETF.

Bitcoin Surges to $83,000 on Tariff Delays

After Trump’s tariff announcement, Bitcoin BTC /USD had an amazing comeback, rising about 9% to retest the $83,000 level.

This rally helped to recover most of the losses seen earlier in the week and also comes as BTC approaches validating a declining wedge formation that has been forming on its daily chart since December 2024.

Technical analysts point to the $100,000 price goal “back on the table” if the bitcoin can clearly break above the upper trendline of this pattern around $83,000.

On-chain data shows that the average price at which present, active investors bought their Bitcoin is currently testing a crucial support zone between $65,000 and $71,000.

Due to concerns regarding the U.S. 10-year Treasury yield volatility, Bitcoin derivative measures indicate that traders remain cautious despite the price increase.

Although the BTC futures premium briefly exceeded the neutral 5% mark, it lost momentum as investors are anticipating whether the Federal Reserve will begin cutting interest rates this year.

SEC Approves Options on Spot Ethereum ETFs

The SEC’s permission of options trading for spot Ether ETFs gave Ethereum ETH /USD a big boost.

This regulatory green light allows exchanges to list and trade options contracts on these funds, which may further increase the investment attractiveness of Ether among institutional buyers.

Options on ETFs provide investors with another, less-direct investment instrument to gain exposure to spot Ether, as well as a hedging tool to suit their needs in relation to Ether products and positions.

This clearance marks a significant turning point in boosting Ethereum’s investment attractiveness, the SEC said, adding that it’s part of broader efforts to expand market choices and improve efficiency.

The regulator’s approval of spot Ethereum ETFs comes after seven refusals since 2021.

After the approval last July, several institutions including BlackRock, Grayscale, and Bitwise launched their respective spot Bitcoin ETFs.

However, considering the massive inflows seen into Bitcoin trusts and ETFs this year, the lack of approval for options on these funds may limit traders’ ability to hedge on-chain volatility.

According to data from DefiLlama, inflows into spot Ether funds this year are relatively small compared to Bitcoin funds, with BlackRock’s iShares Ethereum Trust (ETHA) now holding $1.8 billion in net assets, down 56% since the beginning of the year.

As the fourth-largest cryptocurrency, Ether is currently struggling to pick up pace despite the positive legislative changes, trading at $1,632.

XRP Rallies on Launch of XXRP ETF

One of the most extreme market moves was seen in XRP XRP /USD, surging 13% to trade above the $2 barrier.

This move comes as the 2x leveraged ETF began first-day trading with $5 million in volume at the New York Stock Exchange (NYSE) Arca.

The ETF, designed to magnify the daily returns of XRP, is among the riskiest products available to retail traders.

However, with the ongoing volatility in crypto and global markets, this is a “commendable” achievement, placing XXRP in the top 5% of new ETF launches this year, according to Bloomberg ETF analyst Eric Balchunas.

Despite the positive news, technical analysts point out that XRP’s price chart still shows concerning trends.

Since December 2024, XRP has been forming a possible declining triangle pattern, marked by a flat support level at around $1.88 and a downward-sloping resistance line.

On April 6, the price briefly broke below the triangle’s support level at $2, which may indicate a break-through action that would see XRP plummet toward $1.20 by the end of April.

21Shares Files for a Spot Dogecoin ETF

Dogecoin