Markets received a jolt Wednesday afternoon after President Donald Trump said he would pause his worldwide reciprocal tariffs. President Trump has paused tariffs for 90 days and lowered reciprocal duties to 10% for most countries, effective immediately; China’s tariff rate will jump to 125%. Traditional U.S. indices surged 10% intraday, reversing some of the damage over the past week. Crypto markets also surged, with the price of bitcoin jumping more than 7%, while some of the larger altcoins such as ether and sol jumped as much as 13%, according to The Block's price data . "Well, I thought that people were jumping a little bit out of line," President Trump told reporters outside the White House. "They were getting yippy, you know, they were getting a little bit yippy, a little bit afraid...because we have a big job to do." On the equity front, crypto-related stocks were surging. The charge was led by Strategy (formerly MicroStrategy), which closed higher by more than 24%. The move nearly eclipsed its previous one-day move of 25.7% from Nov. 11, 2024, according to data site Market Chameleon. Crypto exchange Coinbase closed up about 16.8%, while other crypto-related stocks like Robinhood and Block jumped 23.5% and 14.3%, respectively. Among Bitcoin mining firms, Bitfarms led the way with a 23.6% spike in its share price. Late Tuesday, Riot Platforms pulled back its influence over Bitfarms, agreeing to limit its voting power to 9.9% and transferring the rest to Bitfarms through an irrevocable proxy in a move that could ease tensions in their ongoing takeover saga. For its part, Riot's stock was up about 12.7%. MARA Holdings, the largest publicly traded Bitcoin mining company by market cap, rose 17% in Wednesday's session. Similar moves were seen in Bitdeer, Cipher Mining, Hive Digital and Core Scientific, among others. The GMCI 30 was up 9.3% at publication time. Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures . © 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.