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Why Crypto is the New Mr. Darcy: 4 Shocking Reasons Behind the Rally

BBG News

In a turn of events as unexpected as Mr. Collins proposing to Elizabeth Bennet, crypto prices experienced a remarkable resurgence on Thursday. The financial market, once gripped by extreme fear, was suddenly awash with euphoria, as if Lady Catherine de Bourgh had declared her approval of a commoner’s marriage. 🎭

Bitcoin (BTC), that most distinguished of digital assets, saw its value ascend by 5% over the past 24 hours, trading above the princely sum of $81,000. Meanwhile, Solana (SOL) rose to $115, and a host of altcoins—such as Fartcoin (FARTCOIN), Flare (FLR), Bittensor (TAO), and Hedera Hashgraph (HBAR)—soared by over 15%, as if they were all vying for the title of most eligible bachelor at the Meryton assembly. 💃

This sudden rally, dear reader, can be attributed to four principal causes. The first, and perhaps most significant, was the decision by Donald Trump to pause his ‘reciprocal’ tariffs on over 70 countries. This act, akin to Mr. Darcy’s intervention in Lydia’s scandalous affair, alleviated fears of a major recession in the United States, a nation renowned for its prodigious appetite for imports. 🌍

The suspension of these tariffs also spurred a robust surge in the equities market, with the Dow Jones and Nasdaq 100 rising by 2,932 and 1,900 points, respectively. However, these gains were tempered when Trump, in a move as capricious as Mr. Wickham’s affections, raised tariffs on China to 125%. 📈

Crypto Prices Rose as US Inflation Dropped

Bitcoin and its altcoin companions also found favor following the release of encouraging consumer inflation data. The headline inflation rate dropped from 2.8% to 2.4%, while the core figure fell from 3.1% to 2.8%, as if the Federal Reserve had finally mastered the art of restraint. 📉

US CPI inflation for March was better (lower) than the consensus forecasts — across the board.
The monthly price changes came in at -0.1% for headline and 0.1% for core. This took the annual measures down to 2.4% and 2.8%, respectively — low levels not seen for several years.…

— Mohamed A. El-Erian (@elerianm) April 10, 2025

These figures suggest that U.S. inflation is moving in the right direction, much like Mr. Bingley’s eventual return to Jane Bennet. With the economy slowing and consumer confidence waning, there is an increasing likelihood that the Federal Reserve will deliver more rate cuts than anticipated. Such measures, as any sensible investor knows, tend to favor riskier assets like cryptocurrencies. 💰

Thirdly, prices climbed after Donald Trump hinted that Republicans were collaborating to pass his “Big, Beautiful Bill,” a tax proposal as grand and ambitious as Mr. Darcy’s Pemberley estate. The bill, which would slash individual and corporate taxes at a projected cost of $4.5 trillion over a decade, includes provisions such as the elimination of taxes on tips and overtime pay. Some of these savings, it is hoped, will find their way into the crypto industry. 🏰

Finally, crypto prices gained momentum after the U.S. Senate confirmed Paul Atkins as the next head of the Securities and Exchange Commission. Atkins, who is expected to be more favorable to the crypto industry than his predecessor Gary Gensler, has already overseen the end of lawsuits against prominent crypto companies like Ripple Labs, Uniswap, and Coinbase. It is as if the SEC, once as stern as Lady Catherine, has finally softened its stance. 🕊️

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2025-04-10 16:58

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