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What happened today?

There is no way to describe the last 24 hours other than a rollercoaster, but as of market close today we recorded the third largest rally in the S&P500 in history at almost +10%. If you missed the action, citing that “people were scared,” Trump announced there will be a 90 day tariff pause for all countries that have not retaliated with their own tariffs. Of course not included in this group is China, which at the moment has a 125% tariff placed on them. Off the back of the news the market regained trillions in valuation as traders perceive the worst to be over in this trade war.

While yesterday it seemed every headline involved some new institution predicting imminent recession, the timeline is filled with euphoria today. Even Goldman has had to walk back their predictions from only days ago, now reversing their recession stance due to the tariff pause. If you thought the market moves were for any other reason, todays events should assuage any doubts that the tariff policy was responsible.

It should be noted that this story is very rapidly developing and things may have changed by the time you’re reading this - in fact, only minutes ago we learned that Canada intends to negotiate a deal and a new Trump claim dropped that he believes he will “make a very good deal” with China. All of this changes market dynamics in a significant manner, so it’s important to stay up to date to know how to position properly.

Trading Talk

I’ll keep this section brief but I can’t comment on the market bounce without noting Fartcoin’s strength, which sits up over 50% today as it once again nears the $1 mark. A few weeks ago I mentioned Fartcoin as an indicator of market sentiment, which happened to be the bottom — that aside, I think the important thing to note is a +300% gain from its lows should be taken as a sign that retail is very much still here and even eager to allocate capital back into their favorite coins. This is important because while the last few weeks may have felt like a bear market, you don’t see bounces like this in a bear market.

My opinion is this is likely due to the “forced” nature of the market downturn, which is to say the bull run we had likely would have kept going had this insanity not happened. Assuming the worst is actually over, which I think is far too early to confirm, the market will return in a very interesting position. Forced selling due to margin calls and fear have led to a lot of coins (and stocks for that matter) trading at prices they simply shouldn’t be, so for the time being we’ll focus our efforts on trying to identify these.

Tweet of the Day

Say what you will about Bryan Johnson, his meme game is top notch.

Biggest Headlines

The Beluga intern has been hard at work gathering all the most important crypto news stories so you have them in one place!

The Majors

• Trump’s 90-day tariff pause sends Bitcoin back to $81,000

• SEC approves potions trading on Ethereum ETFs from BlackRock, Grayscale and Bitwise

Alt Coins and Stocks

• Crypto, Bitcoin mining stokcs spike amid historic markets rebound

• XRP, Solana and Dogecoin lead altcoin comeback after Trump tariff pause

Random

• Former Ethereum developer Virgil Griffith leaves prison, seeks pardon

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The content on this site is for informational purposes only and should not be construed as investment advice. While Beluga strives to ensure the accuracy and timeliness of information, there may be discrepancies when comparing our data to that of financial institutions, service providers, or specific product websites. Always consult with a professional before making any financial decisions.

Will McKinnon is the Head of Content for Beluga and has spent every day for many years trading coins. For that reason there are too many to name, however his largest holdings by a significant margin are Ethereum and Bitcoin. NFA DYOR