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Bitcoin, Ethereum, Dogecoin Surge Amid Trump Tariff Pause

Leading coins maintained positive momentum Wednesday overnight after pro-cryptocurrency Paul Atkins was confirmed as SEC Chairman.

Bitcoin soared beyond $82,000, while Ethereum topped $1,600, spurring gains in the broader market and erasing some losses from last week’s ‘Liberation Day’ measures.

Over $370 million in short positions was wiped out from the market in the last 24 hours, including $194 million in Bitcoin alone.

The dramatic reversal followed President Donald Trump's surprise announcement of a 90-day pause on tariffs for countries that have not retaliated against U.S. trade measures.

Strategy's 25% Gain Leads as Crypto Stocks Soar on Trump Tariff Pause

Under far heavier pressure than the rather modest decline in bitcoin (BTC) over the past few days would suggest, crypto stocks are posting outsized gains as markets surge higher on the Trump tariff pause.

Among the movers are Strategy (MSTR), which rose 25%, while Coinbase (COIN) climbed 21%. Marathon Digital (MARA) and Riot Platforms (RIOT) were among the bitcoin miners posting gains in the teens.

Wall Street Consultant Paul Atkins Confirmed to Lead SEC

The US Senate confirmed Paul Atkins as chair of the US Securities and Exchange Commission, ushering him into the role only a week after President Donald Trump’s sweeping tariffs unleashed market turmoil.

Atkins, approved Wednesday in a 52-44 vote, is expected to scale back regulation, reduce corporate disclosures and make SEC rules friendlier toward cryptocurrency companies, which battled in court with predecessor Gary Gensler. The new chair will also need to monitor the volatility triggered by the trade levies.

Analyst Anticipates BTC's Continued March To $87,000

Popular on-chain analytics firm Santiment cautioned against the surge in optimism following the 90-day pause announcement. 

The number of bullish comments for Bitcoin and Ethereum sharply exceeded bearish takes on social media.

"Crypto may rally for a bit as retail catches up with the news, but beware of the high level of FOMO and buying on ‘kick the can down the road’ news on a topic that has remained unresolved," Santiment stated.

"If the $80,700 support holds, we could see an upswing to $84,000 or even $87,000," the analyst projected.

SEC Approves Trading of Ether ETF Options

The Securities and Exchange Commission (SEC) gave the green light for the trading of options tied to ether (ETH) exchange-traded funds (ETFs).

On Wednesday, the regulator approved a filing from Nasdaq ISE, filed last July, which asked to list options contracts on the BlackRock’s iShares Ethereum Trust (ETHA). Options are a popular trading vehicle to leverage and hedge risk and are especially attractive to institutional investors who are looking to control large amounts of shares.

The Commission had until today to make a decision. James Seyffart, ETF analyst at Bloomberg Intelligence, said the approval was “100% expected.”

Bitcoin Spot ETF Flow

The overall net outflow of the US Bitcoin spot ETF on Wednesday was -$127.12 million. The total net asset value of Bitcoin spot ETFs is $91.79 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 5.56%.

The Bitcoin spot ETF with the highest net outflow on Apr. 9 was iShares Bitcoin Trust, with a net outflow of $89.71 million. Following that was Grayscale Bitcoin Trust, with a net outflow of 33.80 million, according to SoSoValue.