What happened?
The Trump administration announced a delay in the implementation of tariffs for most countries and reduced tax rates. Coupled with TSMC’s substantial dividend distribution, this spurred a historic surge in Taiwan’s stock market today, with the index surpassing 19,000, and weighted stocks like TSMC hitting their daily limit.
Trump adopted different tariff strategies for various countries, raising tariffs on China while deferring and lowering tariffs for most other countries. This led to significant fluctuations and rebounds in global capital markets, including the U.S. stock market.
After Trump announced a delay in tariffs for non-retaliatory countries, the price of Bitcoin also saw a notable rebound. Technical analysis and on-chain data indicate that the market holds an optimistic view that Bitcoin could potentially reach a target of $100,000 in the future.
Taiwan’s stock market returns to 19,000! Taiwan stocks soar over 1,600 points
Today (10th), Taiwan’s stock market opened with an epic surge, driven by multiple favorable news. U.S. President Trump suddenly announced a 90-day delay in the originally planned “tariff policy” and temporarily lowered the tariff rate for non-retaliatory countries (excluding China) to 10%. This significantly boosted market confidence, resulting in an astonishing rise in the U.S. stock market, with the Dow Jones Industrial Average soaring nearly 3,000 points, and TSMC’s ADR rising 12.29% to close at $158.75.
In addition, TSMC’s distribution of a substantial dividend also injected strong liquidity into Taiwan’s stock market. With this double boost, Taiwan’s stock market opened today at 18,256 points, not only reclaiming the 18,000 mark but also briefly touching 18,993 points, with an increase of over 1,600 points. As of 9:05 AM, the index had climbed above 19,000, continuing to expand its gains.
On April 9, U.S. President Trump stated on Truth Social that he would postpone the implementation of “reciprocal tariffs” for non-retaliatory countries for 90 days and reduce the rate to 10%. However, for China, which has taken retaliatory measures, he indicated that the reciprocal tariff rate would be increased to 125%.
Trump further pointed out in a tweet, “I hope that China will soon realize that the days of taking advantage of the United States and other countries are unsustainable and unacceptable.”
This shift in Trump’s policy, similar to previous tariff-related remarks, once again triggered severe turbulence in global capital markets. Following the announcement, the S&P 500 index surged nearly 7%.
Trump’s tariff policy triggers market volatility, Bitcoin rebounds strongly
On the other hand, Bitcoin (BTC) also experienced a strong rebound influenced by Trump’s tariff policy.
After Trump announced the delay of tariffs for non-retaliatory countries, bullish sentiment for Bitcoin reignited, and market expectations for its price potentially soaring to $100,000 rose as well. On April 9, Bitcoin’s price surged by about 9%, recovering losses from previous days and challenging the $83,000 mark again.
Arthur Hayes, the founder of BitMEX and market analyst, predicts that the retaliatory tariff war between the Trump administration and China could lead to a depreciation of the yuan and trigger capital flight into cryptocurrencies. Hayes added that similar situations occurred in 2013 and 2015 when the depreciation of the yuan caused Chinese investors to shift capital from traditional investments to digital assets.
On-chain data also supports the optimistic outlook for Bitcoin, with many investors believing that Bitcoin is likely to rise to $100,000 next. This prediction arises from the timing of Bitcoin’s price rebound, which occurred just before approaching a crucial support level (approximately between $65,000 and $71,000), suggesting a higher likelihood of continuing to rise towards $100,000.
Glassnode analysts point out that this support level is calculated based on two indicators: the active realized price ($71,000) and the true market average price ($65,000), which represent the average purchase cost of Bitcoin for currently active investors. Historical experience shows that Bitcoin spends roughly equal time trading above and below this price range, making it useful for investors to gauge current market sentiment.
Analysts also warn that if Bitcoin’s price falls below this support range, the chances of rising back to $100,000 in the short term would diminish, and it could even drop to around $50,000. However, if Bitcoin successfully rebounds at this support point, it still has a good chance of challenging the $100,000 mark again.
Reference materials: cointelegraph, cointelegraph