Crypto: Us Stocks, Crypto Creep Up As Trump Calls Off Greenland-linked Tariffs

The S&P 500 climbed, crypto stocks were mixed and Bitcoin and Ether posted modest gains on Wednesday after Donald Trump called off his recent tariff threat.

US stocks and the crypto market showed signs of life on Wednesday after US President Donald Trump stood down on tariffs tied to his efforts to claim Greenland.

The S&P 500 closed the trading day up 1.16% on Wednesday, hours after Trump said on Truth Social that he had held a “very productive meeting” with NATO Secretary General Mark Rutte and would not be moving forward with tariffs scheduled for Feb. 1.

The tariffs had targeted eight European countries, including Denmark, Norway, Sweden, the United Kingdom, France, Germany, the Netherlands and Finland.

“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,” Trump said.

Crypto-linked stocks had a mixed reaction after the announcement, with Michael Saylor’s Strategy (MSTR) closing the trading day up 2.23%, while the share price of crypto exchange Coinbase (COIN) slipped 0.35%, according to Google Finance.

Crypto mining stocks were similarly uneven, with Riot Platforms down 4.70% and Mara Holdings (MARA) up 1.83%.

Major crypto assets moved slightly higher. Since Trump’s announcement, Bitcoin (BTC) has risen 1.64% to $90,010, while Ether and Solana (SOL) have risen 3.03% and 2.36%, respectively, according to CoinMarketCap.

While the crypto market has risen modestly, the overall feeling toward the market has become more fearful.

Related: US crypto czar Sacks says banks, crypto will merge into 'one digital asset industry'

Source: CoinTelegraph