What Happened?
The Trump administration announced a delay in imposing tariffs on most countries and reduced tax rates. Coupled with TSMC’s substantial dividend distribution, this led to a historic surge in the Taiwanese stock market today, with the index surpassing 19,000 points and major stocks like TSMC hitting the upper limit.
Trump adopted different tariff strategies for different countries, increasing tariffs on China while deferring and reducing tariffs for most other countries. This caused significant fluctuations and rebounds in global capital markets, including the U.S. stock market.
After Trump announced the deferral of tariffs on non-retaliatory countries, Bitcoin’s price also saw a notable recovery. Technical analysis and on-chain data indicate a market optimism regarding Bitcoin potentially reaching a target of $100,000 in the future.
Taiwan’s Stock Market Reaches 19,000! A Surge of Over 1,600 Points
Today (10th), the Taiwanese stock market opened to a historic surge, driven by multiple positive news. U.S. President Trump unexpectedly announced a 90-day delay in the previously scheduled “tariff policy” and temporarily reduced the tariff rate on non-retaliatory countries (excluding China) to 10%. This significantly boosted market confidence, leading to an astonishing increase in U.S. stocks, with the Dow Jones Industrial Average soaring nearly 3,000 points, and TSMC’s ADR rising by 12.29% to close at $158.75.
Additionally, TSMC’s distribution of a substantial dividend injected strong liquidity into the Taiwanese stock market. With these dual positive factors, the market opened today at 18,256 points, not only surpassing the 18,000 points mark, but also reaching as high as 18,993 points during trading, an increase of over 1,600 points. As of 9:05 a.m., the index had already surpassed 19,000 points, continuing to expand its gains.
On April 9, U.S. President Trump stated on Truth Social that he would delay the implementation of “reciprocal tariffs” on non-retaliatory countries for 90 days, reducing the tax rate to 10%. However, he indicated that for China, which took retaliatory measures, the reciprocal tariff rate would be raised to 125%.
Trump further stated in a tweet, “I hope that in the near future, China will realize that the days of taking improper advantages from the U.S. and other countries are unsustainable and unacceptable.”
This shift in Trump’s policy, similar to past tariff-related comments, once again triggered significant turmoil in global capital markets. Following the announcement, the S&P 500 index surged nearly 7%.
Trump’s Tariff Policy Triggers Market Volatility, Bitcoin Exhibits Strong Rebound
On the other hand, Bitcoin (BTC) also experienced a strong rebound influenced by Trump’s tariff policy.
After Trump announced the deferral of tariffs on non-retaliatory countries, bullish sentiment for Bitcoin reignited, and expectations for its price to reach $100,000 increased. On April 9, Bitcoin’s price surged by approximately 9%, recovering losses from previous days and challenging the $83,000 mark again.
Arthur Hayes, founder of BitMEX and market analyst, predicted 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 between 2013 and 2015, there were instances where the depreciation of the yuan caused Chinese investors to shift capital from traditional investments into digital assets.
On-chain data also supports the optimistic outlook for Bitcoin, with many investors believing that Bitcoin has a strong opportunity to rise to $100,000. This expectation arises because the current price rebound occurred just before it was about to hit a critical support level (around $65,000 to $71,000), indicating a higher likelihood of continuing to rise to $100,000.
Glassnode analysts noted that this support level is calculated based on two indicators: the active realized price ($71,000) and the real market average price ($65,000), which represent the average purchase cost of Bitcoin for currently active investors. Past experiences show that Bitcoin trades for roughly equal durations above and below this price range, making it useful for investors to gauge current market sentiment.
Analysts also warned 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 can successfully rebound at this support point, it still has a significant opportunity to challenge the $100,000 mark again.
Reference materials: cointelegraph, cointelegraph