Stocks Soar as Trade Tensions Ease

Bitcoin surges more than 7% in broad market relief rally as Trump pauses some tariffs

Bitcoin prices surged more than 7% on Friday, as a broad market relief rally lifted the cryptocurrency and other assets following a surprise move by President Donald Trump to pause some tariffs on China.

The price of bitcoin, the largest and most widely traded cryptocurrency, jumped to as high as $5,615.50, according to data from the cryptocurrency exchange Coinbase. That represents a gain of more than 7% from the previous day's close.

The rally in bitcoin was part of a broader market relief rally, as investors breathed a sigh of relief following Trump's decision to pause some tariffs on China. The move came after a tumultuous week on Wall Street, which saw the Dow Jones industrial average plummet more than 600 points.

The pause in tariffs was seen as a positive development for markets, as it reduced the risk of a trade war between the U.S. and China. The move also lifted sentiment in other markets, including the stock market and the bond market.

In addition to bitcoin, other cryptocurrencies also saw significant gains on Friday. Ethereum, the second-largest cryptocurrency by market capitalization, jumped more than 8%, while Litecoin, a smaller but popular cryptocurrency, gained more than 9%.

The rally in cryptocurrencies was also fueled by a surge in trading volume, as investors sought to take advantage of the rising prices. According to data from the cryptocurrency exchange Binance, trading volume in bitcoin surged to its highest level in more than a week on Friday.

The rally in bitcoin and other cryptocurrencies was seen as a positive development for the broader cryptocurrency market, which has been plagued by volatility and uncertainty in recent months. The move also lifted sentiment in the cryptocurrency sector, which has been seen as a potential alternative to traditional assets such as stocks and bonds.