The S&P 500 climbed, crypto stocks were mixed and Bitcoin and Ether posted modest gains on Wednesday after Donald Trump called off his recent tariff threat.
The S&P 500 climbed, crypto stocks were mixed and Bitcoin and Ether posted modest gains on Wednesday after Donald Trump called off his recent tariff threat.
US stocks and crypto markets edged higher on Wednesday after US President Donald Trump said he would not move forward with proposed tariffs on several European countries.
The S&P 500 closed the trading day up 1.16% on Wednesday, hours after Trump said on Truth Social that he had held a “very productive meeting” with NATO Secretary General Mark Rutte and would not be moving forward with tariffs scheduled for Feb. 1.
The tariffs had targeted eight European countries, including Denmark, Norway, Sweden, the United Kingdom, France, Germany, the Netherlands and Finland. Trump did not provide details on how the tariffs would be structured or implemented.
“We have formed the framework of a future deal with respect to Greenland and, in fact, the entire Arctic Region. This solution, if consummated, will be a great one for the United States of America, and all NATO Nations,” Trump said.
Crypto stocks mixed, major coins edge higher
Crypto-linked stocks had a mixed reaction after the announcement, with Michael Saylor’s Strategy (MSTR) closing the trading day up 2.23%, while the share price of crypto exchange Coinbase (COIN) slipped 0.35%, according to Google Finance.
Crypto mining stocks were similarly uneven, with Riot Platforms down 4.70% and Mara Holdings (MARA) up 1.83%.
Major crypto assets moved slightly higher. Since Trump’s announcement, Bitcoin (BTC) has risen 1.64% to $90,010, while Ether and Solana (SOL) have risen 3.03% and 2.36%, respectively, according to CoinMarketCap.
Crypto sentiment turns to fear despite higher prices
While the crypto market has risen modestly, the overall feeling toward the market has become more fearful.
Related: US crypto czar Sacks says banks, crypto will merge into ‘one digital asset industry’
The Crypto Fear & Greed Index fell to an “extreme fear” score of 20 in Thursday’s update, down four points from Wednesday.
Some analysts have argued that Trump’s tariffs are often overstated in terms of their impact on crypto.
In October, crypto sentiment platform Santiment said that crypto retail traders were quick to blame Trump’s 100% tariffs for broader market declines, as they often look for something to point the finger at during downturns.
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