Bitcoin Bounces, Altcoins Do Better as Markets Await Trump's Tariffs

Risk assets—crypto included—are showing signs of life on Tuesday, maybe even attempting a rally (finally). Could be optimism.

Risk assets — crypto included — are showing signs of life on Tuesday, maybe even attempting a rally (finally).

There’s growing chatter that President Trump’s tariffs, set to drop Wednesday, might not be as harsh as everyone feared. That, plus a report highlighting administration stress over market volatility, could be tying into the unexpected green session on the Nasdaq.

But first, the crypto market is showing signs of life, with Bitcoin (BTC) now trading a bit above $85,000. It’s still in the red on 24-hour charts by a small margin, logging a 2.1% decline over the last day.

However, major altcoins like Ethereum (ETH), Dogecoin (DOGE), and Cardano (ADA)—all of which have taken a beating lately—are doing a bit better, not quite double-digit losses like Bitcoin. Each is logging gains roughly double Bitcoin’s, give or take.

The crypto stocks are also riding the same wave, with Bitcoin miners like Core Scientific (NYSE:CORZ) and CleanSpark (NASDAQ:CLSK) both jumping nearly 10% on the day. Even the usual heavy hitters joined in—Strategy (NASDAQ:MSTR) rose 5.4%, and Coinbase (NASDAQ:COIN) added 2.1%.

The traditional markets also flipped green, with the Nasdaq clawing out a modest gain—just under 1% after a red start to the session.

The focus remains on the White House, which is calling Wednesday “Liberation Day”. It’s the day Trump’s new round of tariffs will be announced, most likely after markets close.

Now, everyone’s waiting to see if the worst-case scenario—a blanket 20% tariff on all imports—will really happen. Or if we’ll get something else entirely.

A new report from NBC News says the administration is planning a tiered approach to tariffs, or apply different rates to different countries. It’s not confirmed, but even a whisper of moderation seems to be enough to move markets.

And in a surprising turn of events, this might be the first time the administration has publicly acknowledged the market stress all this tariff talk has stirred up.

Press Secretary Karoline Leavitt addressed it during her briefing on Tuesday, saying there were “legitimate concerns” about market volatility tied to the tariff rollout.

Finally, Israel’s Finance Minister Bezalel Smotrich said on Tuesday that his government has begun the process of eliminating tariffs on U.S. imports—possibly in an effort to dodge blowback from Trump’s upcoming trade crackdown.

Between the market bounce, the cautious optimism, and countries already adjusting their positions… we’ll see what “Liberation Day” really brings.