US stocks, crypto creep up as Trump calls off Greenland-linked tariffs

US stocks and the crypto market showed signs of life on Wednesday after US President Donald Trump stood down on tariffs tied to his efforts to claim Greenland.

The S&P 500 closed the trading day up 1.16% on Wednesday, hours after Trump said 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 tariffs had targeted eight European countries, including Denmark, Norway, Sweden, the United Kingdom, France, Germany, the Netherlands and Finland.

“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,” Trump said.

Crypto stocks mixed, major coins edge higher

Crypto-linked stocks had a mixed reaction after the announcement, with Michael Saylors Strategy (MSTR) closing the trading day up 2.23%, while the share price of crypto exchange Coinbase (COIN) slipped 0.35%, according to Google Finance.

Crypto mining stocks were similarly uneven, with Riot Platforms down 4.70% and Mara Holdings (MARA) up 1.83%.

Bitcoin is up 1% over the past 24 hours. Source: CoinMarketCap

Major crypto assets moved slightly higher. Since Trumps announcement, Bitcoin (BTC) has risen 1.64% to $90,010, while Ether and Solana (SOL) have risen 3.03% and 2.36%, respectively, according to CoinMarketCap.

Crypto sentiment turns to fear despite higher prices

While the crypto market has risen modestly, the overall feeling toward the market has become more fearful.

The Crypto Fear & Greed Index fell to an “extreme fear” score of 20 in Thursdays update, down four points from Wednesday.

Some analysts have argued that Trumps tariffs are often overstated in terms of their impact on crypto.

In October, crypto sentiment platform Santiment said that crypto retail traders were quick to blame Trumps 100% tariffs for broader market declines, as they often look for something to point the finger at during downturns.