Most cryptocurrencies rallied on Wednesday as the risk appetite improved in global markets as the trade tensions calmed down.
The strong gains came after a report by the Wall Street Journal about Trump’s plans to reduce tariffs on China from upwards of 245% to just 50%.
Trump admitted on Tuesday that current tariffs on China are too high and won’t stay this way and will be reduced soon, but won’t reach zero.
In another statement that calmed the markets, Trump said he doesn’t intend to fire Fed Chair Jerome Powell, asserting he’ll let him complete his term until May 2026.
It comes after a series of heavy Trump attacks on Powell, describing him as a big loser and demanding he cuts interest rates immediately.
Earlier US data showed the combined PMI down to 51.2 in April from March’s 53.5, the lowest in 16 months.
The services PMI fell to 51.4 this month from 54.4 in March, below estimates of 52.8.
Ethereum
On trading, ethereum rallied 5.5% on Coinmarketcap as of 19:51 GMT to $1781.7, raising the currency’s two-day profit to 14%.
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