- Bitcoin returned to $90,000 and US stocks rallied after President Trump canceled planned EU tariffs following a “framework” deal for Greenland.
- The diplomatic shift in the Arctic dispute eased global trade-war fears, causing market volatility to subside from earlier session highs.
- As risk appetite returned to equities and crypto, safe-haven assets like gold flattened, losing gains made during the peak of the tariff threats.
Bitcoin and US stocks turned higher on Wednesday after President Donald Trump said talks over Greenland were making progress and said he would not go ahead with tariffs on European countries linked to the dispute.
On Truth Social, the US president shared the following statement:
Based upon a very productive meeting that I have had with the Secretary General of NATO, Mark Rutte, we have formed the framework of a future deal with respect to Greenland and, in fact, the entire Arctic Region. This solution, if consummated, will be a great one for the United States of America, and all NATO Nations.
Donald Trump on Truth Social.Trump said the EU tariffs he had threatened were no longer planned, including measures that had been set to begin on Feb. 1.
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More Volatility
Earlier moves had been choppy as traders reacted to the tariff threat. After the shift in message, Bitcoin bounced back toward US$90K (AU$137K), dropped to about US$87K (AU$133K), then returned to around US$90K
At press time, Bitcoin is up 1.05%, currently trading at US$90,009.72 (AU$132.4K), according to CoinMarketCap.
Shares of the US stock market also pushed to session highs. The Nasdaq and S&P 500 were each up about 1.3%, and precious metals weakened as the tariff pressure eased.
Gold, which had risen earlier on trade-tension buying, gave up those gains and was flat on the day at about US$4,770 (AU$7,298) per ounce.
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