The latest news on the Trade War front caused another volatile wave in the cryptocurrency market, as bitcoin and most altcoins surged impressively before they came crashing back down once again.

This time, the volatility could also be attributed to a recent report that was quickly refuted.

*WHITE HOUSE SAYS “UNAWARE” OF 90-DAY PAUSE RUMOR ATTRIBUTED TO WHITE HOUSE ADVISOR HASSETT

WHITE HOUSE ADVISORS ARE SAYING 1 THING AND THE WHITE HOUSE IS SAYING SOMETHING ELSE

WE NEED ADULTS IN THE WHITE HOUSE https://t.co/OE4Ln9pWgv

— GURGAVIN (@gurgavin) April 7, 2025

The report in question indicated that the White House considered implementing a 90-day delay to the tariffs, which intensified last week. Recall that US President Trump slapped every country with a 10% tax, while China, the EU, and a few more got much larger percentages.

Instead, Washington became even more aggressive in its stance against the world’s second-largest economy. According to CNBC, Trump warned China that he would impose another 50% tax on it if Beijing didn’t retract the 34% tariff it imposed on the US in retaliation.

Thus, the total tariffs against the Asian giant will surge to 104%, the White House confirmed.

Bitcoin reacted with immediate price volatility to the fake report and the actual one. After the massive drop to $75,000 following the market-wide crash, the cryptocurrency skyrocketed to just over $81,000 (on Binance and Bitstamp).

However, that was short-lived, and the subsequent rebutal, as well as Trump’s latest warning, led to just as violent a retracement that drove BTC below $79,000.

Wall Street reacted in a similar fashion, with immediate price declines after the opening bell. The past several trading days have been particularly painful. Just for reference, the S&P 500 is down by over 11% since Wednesday.