The crypto market surged hours after President Donald Trump’s latest announcement that every American will receive a tariff dividend of at least $2,000.
The total crypto market cap soared to $3.5 trillion on November 9, up 2.4% in the last 24 hours. Bitcoin (BTC) rose 2% to trade at $103,778.01, and Ethereum (ETH) gained 3.7% to $3,519.10.
While XRP jumped 2.4% in a day to trade at $2.31, SOL advanced 3% to $161.88.
Related: Wall Street veteran drops major clue ahead of Trump’s 3 p.m. announcement
On November 9, Trump wrote a lengthy article on Truth Social in which he claimed that those who opposed the tariffs were “fools” because the United States is now the richest country in the world with “almost no inflation” and “a record stock price.” The United States will pay off its $37 trillion debt with billions of dollars earned in tariffs, he added.
“A dividend of at least $2,000 per person (not including high-income earners!) will be paid to everyone.”
It was on April 2 that Trump escalated the global tariff war, dubbing it “Liberation Day.” He spared virtually no country, friend or foe, and raised tariffs on all, including his close trading partners. Soon it turned out that the main target of this escalation was China and so far the two countries have failed to reach a final trade agreement.
Trump has made tariffs a cornerstone of his foreign policy and, despite criticism from different quarters, he adamantly insists that the policy brings billions of dollars to the United States.
Although the crypto market began as a separate digital asset economy, its rapid adoption by Wall Street over the following years left crypto vulnerable to macroeconomic pressures such as the global tariff war. Unsurprisingly, almost all of President Trump’s statements on tariffs affect crypto markets just like traditional stock and bond markets.
This story was originally reported by TheStreet on November 9, 2025, where it first appeared in the Business News section. Add TheStreet as your preferred source by clicking here.
