Bitcoin’s price surged by more than 8% on Wednesday after President Donald Trump announced a 90-day pause on key trade tariffs. This move sparked a rally in the stock market and cryptocurrencies alike, with Tesla experiencing a notable gain of 20%. The announcement was made via his Truth Social platform. Earlier in the day, Bitcoin had dropped following a spike in U.S. Treasury yields. This temporary tariff pause led to significant gains across various sectors, including tech stocks like Tesla which recovered losses from earlier this year due to Elon Musk’s involvement in the political scene. Robinhood and Coinbase also saw noteworthy growth, while MicroStrategy, known for its rebranding to Strategy, surged by 25%. Trump stated that tariffs on China would be lowered to 10% during this temporary pause before rising to 125% after the period.