Arthur Hayes, Maelstrom’s CIO and former CEO of BitMEX, posted an exuberant "BUY EVERYTHING CHI-MERICA LIVES!!!!" following a surprise U.S.-China trade breakthrough.
The post went up after the U.S. and China agreed to a 90-day moratorium on trade tariffs — news that tempered anxiety and was bullish for overall market sentiment.
Under the temporary agreement, the U.S. will reduce tariffs on imports from China from 145% to 30%, while China will lower duties on imports from the U.S. from 125% to 10%. The tariff reductions will go into effect on May 14 and were put in place to ease trade tensions and to allow for an additional three months to negotiate.
Bitcoin surged over $105,000 moments after the news, while Ether held firm over $2,500. The GMCI 30 Index, which tracks large-cap crypto assets, has been up over 4% as it moved higher by 7 points.
At the same time, U.S. stock futures and software stocks rallied as well. The Nasdaq Composite and the S&P 500, the two most tracked stock markets in America, are up by 3.39% and 2.69%, respectively, as per MarketWatch.
The tariff truce is an already bullish setting for crypto. But, it's unclear how the markets will react after the 90 days are over.
Possibly, this is why Hayes has been advocating that investors buy everything, placing bets on reduced trade tensions, increased institutional adoption, and improved macro conditions, accelerating a more thorough breakout across the digital asset class.
At the time of writing, however, Bitcoin is trading at $103,143.95, down by 0.84% in the last hour, as per Kraken’s price feed.