Recent fake news that US President Donald Trump was considering a 90-day pause in tariffs shows the potential for a strong market rebound should a real one take place, according to observers. A fake news post on X on April 7 from the verified “Walter Bloomberg” account claimed that the White House was considering a 90-day pause on tariffs following an interview with Kevin Hassett, one of Donald Trump’s economic advisers. “Hassett: Trump is considering a 90-day pause in tariffs for all countries except China,” read the now-deleted post from the user, who is not affiliated with Bloomberg News. The account, which has a verified badge and 852,000 followers, caused quite a stir after the rumor was mistakenly aired as a banner on CNBC and then amplified by Reuters.
The S&P 500 spiked more than 8% from its low on the day in reaction, the Nasdaq added 9.5% in less than an hour and the Dow Jones pumped 7%, adding trillions to stock markets. Bitcoin (BTC) prices saw a similar spike, with the asset pumping 6.5% to top $80,000 briefly before falling back again. The official White House “Rapid Response” account quickly posted on X that this was fake news, and markets began to dump again. “Market ready to ape” at a moment's noticeWhile the rumor was debunked as fake, crypto YouTuber Lark Davis said that the episode revealed some critical things about the market. The market is ready to accept prolonged China negotiations as long as most deals can be resolved, he said before adding the “market is ready to ape, even a lame 90-day delay sent markets soaring.” “Now imagine what happens when dozens of deals are made with top players ie, India, Canada, and the UK.
While the rumor was debunked as fake, crypto YouTuber Lark Davis said that the episode revealed some critical things about the market.
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Author / Journalist: Cointelegraph by Martin Young
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