The global cryptocurrency market is breathing a sigh of relief as it has risen 4.27% in the past 24 hours, reaching a total market capitalization of $2.54 trillion.
Bitcoin traded up to $79,965 at the time of writing for nearly 4% gains, with Ethereum trading at $1,576, up 4.46%.
The jump arrives in the context of nerves easing for investors, the broader macro uncertainty notwithstanding, with the crypto Fear & Greed Index still wedged in "Extreme fear" at 19/100.
Billionaire hedge fund manager Bill Ackman provided a nuanced and somewhat unexpected response to President Donald Trump's increasingly muscular tariff policy. Then, he was prompted to issue a public statement clarifying his views after an online conversation about them mischaracterized his position.
In a post on X, Ackman said he is "totally supportive of President Trump's" use of tariffs to fight unfair trade and encourage domestic investment and manufacturing.
"Some have misinterpreted my thoughts on tariffs,” Ackman wrote on Apr 8.
But Ackman called on the administration to hold off on new tariffs for a short period. He argued specifically for a 30, 60, or 90-day timeout to give time for negotiations and avoid immediate economic repercussions.
He went on to say that he would back aggressive action if foreign governments do not negotiate in good faith, but moving immediately to punitive tariffs without giving the other side room to negotiate would be counterproductive.
"If a country does not negotiate in good faith, then [Donald Trump] can bring the hammer down, but doing so without giving time to make deals creates unnecessary harm," he warned. He concluded by welcoming a counterpoint, signaling openness to debate on the strategy.