Bitcoin Trades Near $95,400 as U.S. Stocks Continue Recovery
The crypto market remained stable on Tuesday amidst concerns over the economic effects of tariffs from the Trump administration.
- Bitcoin (BTC) rose 1% over 24 hours, trading near $95,400, approaching the $96,000 mark for the first time since February.
- The CoinDesk 20 index increased by 1.1%, with Bitcoin Cash (BCH) leading at a 6.3% gain.
- Crypto stocks showed mixed results; Coinbase (COIN) was up 0.9% and MicroStrategy (MSTR) 3.3%. Janover (JNVR) surged 16% due to its SOL accumulation strategy.
- The stock market also rebounded, with the S&P 500 and Nasdaq each gaining 0.55%.
- Consumer confidence hit its lowest since May 2020, with the consumer outlook at its lowest since 2011. Job openings fell to 7.19 million in March, below expectations.
- Commerce Secretary Howard Lutnick announced a trade deal with an unspecified country, pending ratification.
Jeff Park from Bitwise expressed skepticism about the market's optimism, highlighting that a potential Fed rate cut would be irrelevant if U.S. creditworthiness is compromised due to global reactions to tariff policies. He emphasized that the real risk lies in rising global capital costs.