As the global economic scene remains uncertain, risk assets, including cryptocurrencies, are showing signs of resilience, possibly driven by speculation that the tariffs proposed by Donald Trump’s administration may not be as severe as initially feared.
In the early afternoon U.S. market activity, bitcoin (BTC) was seen climbing to just above $85,000, marking a 2.1% increase over the past 24 hours. Other cryptocurrencies that had previously been hard hit, such as ether (ETH), dogecoin (DOGE), and cardano (ADA), were also on the rise, with gains of approximately double that of bitcoin.
The upward trend is not confined to cryptocurrencies alone; crypto stocks are also faring well. For instance, bitcoin miners Core Scientific (CORZ) and CleanSpark (CLSK) have seen almost a 10% increase on the day. MicroStrategy (MSTR) is up by 5.4%, and Coinbase (COIN) has seen a 2.1% rise.
The U.S. stock market also managed to reverse early session losses, with the Nasdaq now just below a 1% gain for the day. This positive market activity comes ahead of the Trump administration’s much-anticipated “Liberation Day” tariff rollout, set to be announced tomorrow after the close of U.S. trading.
A glimmer of hope for the markets was ignited by a report from NBC News, suggesting that the drastic measure of imposing blanket 20% tariffs across the board is “less likely” to be the route chosen by the White House. Instead, the report suggests that a “tiered system” of different rates or country-by-country rates could be announced.
Adding to the optimism is the Trump administration’s seeming recognition of the market turmoil sparked by the tariff discussions. White House Press Secretary Karoline Leavitt, during her daily briefing, acknowledged that there were legitimate concerns about market volatility.
In related news, Israel’s Minister of Finance Bezalel Smotrich announced on Tuesday that a process had been initiated to eliminate tariffs on U.S. imports. This move could potentially mitigate some of the economic blowback from the proposed U.S. tariffs.
In this climate of economic uncertainty, these developments provide a glimmer of hope for investors and market watchers alike. It remains to be seen how the final tariff decisions by the Trump administration will affect the global economic landscape, but for now, the markets seem to be cautiously optimistic.
