US stocks and crypto edge up after Trump halts proposed Greenland tariffs

US stocks and major cryptocurrencies edged higher on Wednesday after US President Donald Trump said he would not move forward with tariffs tied to his efforts to claim Greenland. The S&P 500 closed the trading day up 1.16% after Trump posted on Truth Social that he had held a "very productive meeting" with "NATO Secretary General Mark Rutte" and would not be moving forward with tariffs scheduled for Feb.

1. The proposed tariffs had targeted eight European countries: Denmark, Norway, Sweden, the United Kingdom, France, Germany, the Netherlands and Finland. Trump said, "We have formed the framework of a future deal with respect to Greenland and, in fact, the entire Arctic Region. This solution, if consummated, will be a great one for the United States of America, and all NATO Nations." Crypto-linked stocks reacted unevenly.

Michael Saylor’s Strategy (MSTR) closed up 2.23% while Coinbase (COIN) slipped 0.35%, according to Google Finance. Mining stocks were mixed, with Riot Platforms down 4.70% and Mara Holdings (MARA) up 1.83%. Bitcoin was up about 1% over the past 24 hours, and CoinMarketCap showed Bitcoin rising 1.64% to $90,010 while Ether and Solana gained 3.03% and 2.36%, respectively.

Despite modest price gains, market sentiment turned more fearful. The Crypto Fear & Greed Index fell to an "Extreme Fear" score of 20 in Thursday’s update, down four points from Wednesday.

Key Topics

Crypto, Donald Trump, Greenland, Bitcoin, Coinbase, Ether