Recently very shaky risk assets—crypto among them—are attempting a rally on Tuesday, buoyed by chatter that Donald Trump’s tariffs won’t be as stringent as feared.
In early afternoon U.S. action, bitcoin (BTC) had climbed to just above $85,000, marking a 2.1% increase over the past 24 hours. Previously troubled crypto majors like ether (ETH), dogecoin (DOGE), and cardano (ADA) recorded gains of roughly twice that amount.
Crypto stocks are also performing well, with bitcoin miners Core Scientific (CORZ) and CleanSpark (CLSK) jumping nearly 10% on the day. MicroStrategy (MSTR) is up 5.4%, while Coinbase (COIN) has seen a 2.1% increase.
The U.S. stock market reversed early session losses to turn higher as well, with the Nasdaq now ahead by just shy of 1% for the day.
This positive movement comes just ahead of the Trump administration’s so-called “Liberation Day” tariff rollout, set to occur tomorrow after the close of U.S. trading.
Hope?
A report from NBC News suggested that the market’s most feared option—a blanket 20% tariff across the board—is “less likely” to be the direction taken by the White House. Instead, according to the report, a “tiered system” of different rates or country-by-country rates could be announced, offering some glimmer of hope to investors.
Additionally, there seems to be an acknowledgment from the administration regarding the market tumult resulting from tariff discussions. Speaking today at her daily briefing, White House Press Secretary Karoline Leavitt noted that there were legitimate concerns about market swings.
Meanwhile, Israel’s Minister of Finance Bezalel Smotrich announced that a process had been initiated to eliminate tariffs on U.S. imports in that country, further hinting at a shift in the international trade landscape.
