By George Glover
Bitcoin was rising Wednesday, as talk of a U.S. tariff climbdown sparked a broader market rally.
The token climbed 1.9% to $88,465 in early trading, according to data from the crypto exchange Kraken. It's now trading 23% below the record high of more than $109,000 that it reached in January.
It has been a wild start to the week for digital assets. Bitcoin and other tokens surged Sunday after President Donald Trump said he would create a strategic reserve of cryptos, then tanked Monday in the run-up to tariffs on Canada and Mexico taking effect.
Late on Tuesday, Commerce Secretary Howard Lutnick gave investors fretting about those levies a reason to feel cheerful -- he said that Trump wants to "work something out" with the U.S.'s neighbors. That's likely what was boosting Bitcoin, given that the crypto tends to trade in tandem with risk-on assets like stocks, rather than safer investments like bonds or gold.
Write to George Glover at george.glover@dowjones.com
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(END) Dow Jones Newswires
March 05, 2025 05:13 ET (10:13 GMT)
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