As the U.S. stock market rallies, cryptocurrency prices are rising uniformly.
As of 7:30 a.m. on the 11th, Bitcoin is recorded at $97,492, up 1.87% from 24 hours ago on CoinMarketCap, a global coin market tracking site.
Ethereum, the second-largest by market capitalization, is also trading at $2,670, up 3.10%. Ripple, the fourth-largest, recorded a price of $2.43, up 2.72%.
Moreover, Solana, the fifth-largest by market capitalization, is also up 2.86%, while most cryptocurrencies are rallying.
This appears to be because the U.S. stock market rose uniformly despite the tariff bomb. On that day, the Dow rose by 0.38%, the S&P 500 by 0.67%, and the Nasdaq by 0.98%.
Despite U.S. President Donald Trump's announcement that starting on the 10th (local time), a 25% tariff would be imposed on all steel and aluminum imported into the U.S., steel stocks surged uniformly. The imposition of tariffs is a bearish factor for the stock market as it raises import prices and triggers inflation.
However, as the tariff imposition was expected, some analysts suggest that the market may have become accustomed to the tariff bomb and thus rose instead.