Bitcoin (BTC) Price Rallies Above $85,000 as Trump Tariff Fears Ease

Recently very shaky risk assets — crypto among them — are attempting a rally on Tuesday, perhaps. buoyed by chatter that Donald Trump's tariffs won't be as stringent as feared.

Recently very shaky risk assets — crypto among them — are attempting a rally on Tuesday, perhaps 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, showing a 2.1% advance over the past 24 hours. Previously really roughed up crypto majors like ether (ETH), dogecoin (DOGE) and cardano (ADA) had put in gains of roughly twice that amount.

Crypto stocks are also performing relatively well, with bitcoin miners Core Scientific (NASDAQ:CORZ) and CleanSpark (NASDAQ:CLSK) jumping almost 10% on the day. MicroStrategy (NASDAQ:MSTR) is up 5.4% and Coinbase (NASDAQ:COIN) 2.1%.

U.S. stocks reversed early session losses to turn higher as well, with the Nasdaq now showing a gain of nearly 1% for the day.

The moves come ahead of the Trump administration’s so-called "Liberation Day" tariff rollout set for tomorrow after the close of U.S. trading.

Hope?

A report from NBC News suggested that the market's most feared option — blanket 20% tariffs 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.

The report also said that the administration is expected to impose higher tariffs on goods from China and lower ones on goods from Canada and Mexico, which may come as good news to risk markets that have largely priced in a worst-case scenario of broadly applicable large tariffs.

The administration is also expected to announce a complete withdrawal from the World Trade Organization (WTO), although this threat has been circulating for some time and may not come as a surprise to the market.

Perhaps also helping is what appears to be the first acknowledgement that the administration is aware of the market tumult resulting from all the tariff chatter. Speaking today at her daily briefing, White House Press Secretary Karoline Leavitt said that there were legitimate concerns about market swings.

"We are certainly mindful of the market volatility, and there are legitimate concerns that people have," Leavitt said.

"We are focused on policies that will help to grow the economy and create jobs for American workers, and we'll continue to communicate our economic plans and policies clearly to the American people."

Meanwhile, Israel’s Minister of Finance Bezalel Smotrich announced on Tuesday that a process had been launched to get rid of tariffs on U.S. imports in that country.