The $2 trillion-plus crypto market posted a one-day increase of more than 7% after the president backed away from steep reciprocal tariffs for dozens of countries. The price of Bitcoin and other cryptocurrencies surged after President Donald Trump said he authorized a 90-day pause on tariffs for countries that haven’t retaliated against the U.

Shares of cryptocurrency-tied companies jumped along with the price of bitcoin Wednesday afternoon after President Donald Trump issued a 90-day pause on widespread "reciprocal" tariffs.