Cryptocurrency markets rebounded sharply after President Donald Trump softened his stance on proposed tariffs against the European Union, triggering a relief rally that pushed major digital assets back into positive territory and liquidated more than $1 billion in bearish positions.
Markets Snap Back on Tariff Reversal
Bitcoin spearheaded the recovery, gaining roughly 2% to trade near $89,900, while Ethereum posted a matching advance to reach around $2,995. Solana also climbed 2% to hover near $130, and XRP outperformed its larger counterparts with a 3% jump to $1.94.
The reversal was abrupt enough to flush out over $1 billion in liquidated positions as prices swung higher, underscoring how sensitive the market remains to political and macroeconomic signals.
Several smaller tokens outpaced the majors during the bounce, with a few notching double-digit gains:
- CC rose around 15%
- SKY added roughly 11%
- SAND climbed close to 10%
A single policy shift was enough to reverse the market and wipe out more than $1 billion in leveraged bets.
BitGo Debuts With $2 Billion Valuation
On the corporate front, digital asset custodian BitGo advanced its initial public offering, pricing shares at $18 each and securing a valuation in the neighborhood of $2 billion.
The listing represents another step forward for crypto infrastructure companies seeking legitimacy through public markets. BitGo joins a widening pool of digital asset firms courting traditional equity investors for both capital and credibility.
Legislation and Regulation Advance Worldwide
In Washington, the Senate Agriculture Committee confirmed its version of the Clarity Act would move to markup next week, proceeding even without bipartisan backing. Trump separately expressed confidence he would soon be able to sign wider market structure legislation, though disputes over the reach of regulatory authority continue to slow progress.
Regulatory momentum extended beyond the United States. Hong Kong authorities began issuing stablecoin licenses under a newly established framework that carries strict compliance requirements, signaling a more structured approach to digital asset oversight in the region.
Solana's SKR Token Surges
Among the day's standout performers, Solana's SKR token drew attention with a dramatic climb, with its fully diluted valuation soaring around 250%. The move highlighted