Crypto markets rallied on Wednesday after former President Donald Trump signaled progress in Greenland negotiations.

“Based upon a very productive meeting that I have had with the Secretary General of NATO, Mark Rutte, we have formed the framework of a future deal with respect to Greenland and, in fact, the entire Arctic Region,” Trump said in a Truth Social post. He added that previously threatened EU tariffs set for Feb. 1 would not be imposed.

Bitcoin, which had fallen to around $88,000 earlier, surged past $90,000 following the announcement, briefly dipped near $87,000, and quickly reclaimed $90,000.

U.S. equities also advanced, with the Nasdaq and S&P 500 up about 1.3%. Precious metals pared earlier gains, leaving gold flat at $4,770 per ounce.