Bitcoin reclaimed the $80,000 level while major U.S. stock indices soared higher after President Donald Trump announced a temporary pause on the administration’s tariff regime for some countries.

Bitcoin (BTC) traded above $81,000 Wednesday afternoon while the Nasdaq index was nearing a 10% gain as the latest announcment from the White House calmed markets that had been rocked by fears of a prolonged and aggressive trade war.

In a post on his Truth Social platform, President Trump said several countries had reached out to initiate negotiations on trade, tariffs, and currency issues. As a result, he authorized a 90-day pause on new tariffs and a temporary reduction of the existing reciprocal tariff rate to 10%.

However, the administration is raising Chinese tariffs to 125%, “effective immediately.”

The 10-year Treasury yield, which earlier climbed above 4.5%, retreated to 4.4% following the news.

Trump’s surprise move came after four days of market volatility triggered by uncertainty over U.S. trade policy. Earlier this week, stocks saw its worst multi-day performance since the Great Financial Crisis as investors weighed the possibility of global recession risks tied to escalating tariffs.

Treasury Secretary Scott Bessent announced he would take the lead in upcoming tariff negotiations. Wall Street sees Bessent’s involvement as a stabilizing factor, favoring his moderate approach over the more hawkish stances of Commerce Secretary Howard Lutnick and trade advisor Peter Navarro.

Trump also took to Truth Social early Wednesday to urge investors to “remain calm” and added: “This is a great time to buy.”