A rumor about a possible 90-day delay on U.S. tariffs sent markets into a frenzy Monday, only for the White House to shoot it down moments later.

The Nasdaq saw extreme volatility, plunging nearly 5%, then soaring to a 5% gain, before leveling out near unchanged—all within 90 minutes. The sharp moves followed a report that President Trump might postpone tariffs on all nations except China.

White House Press Secretary Caroline Leavitt was quick to deny the claim, calling it “fake news.”

Crypto markets mirrored the chaos. Bitcoin (BTC) spiked from $74,400 to above $80,000 before slipping back to $79,000, still down 4.3% on the day. Ether (ETH) and XRP continued their slide, losing 11% and 9.3% respectively over the past 24 hours.

Amid the turbulence, there were signs of possible diplomatic progress. European Commission President Ursula von der Leyen expressed willingness to negotiate with the U.S., even suggesting a zero-tariff deal on industrial goods.

President Trump, speaking shortly after, said “countries from all over the world are talking to us,” and noted Japan is sending a “top team” for talks.

The episode highlights how sensitive global markets remain to tariff talk—and how quickly narratives can shift.