The crypto market experienced another relatively mild day Tuesday despite widespread pessimism about the impact of the Trump administration’s tariffs on the economy.
Bitcoin (BTC) has grown 1% over the last 24 hours, trading at nearly $95,400, exceeding $96,000 for the first time since late February. Coindesk 20 – Top 20 cryptocurrency index by market capitalization excluding stubcoins, exchange coins and memokines – up 1.1%, while Bitcoin Cash (BCH) jumped 6.3%, surpassing the rest of the index.
Crypto stocks have calmed performance considerably on Tuesday, with Coinbase (coin) and Strategy (MSTR) up 0.9% and 3.3%, respectively. Janover (JNVR) continues to benefit from the SOL accumulation strategy, rising by an additional 16%.
The stock market also continued to recover from tariff-induced panic in early April, with the S&P 500 and Nasdaq adding 0.55% each.
For some observers, market performance appeared unresolved from a wave of economic data suggesting that US economic activity was slowing due to tariff policies unlocked by the White House.
Consumer trust was at its lowest level since May 2020, but consumer outlook reached its lowest point since 2011, according to a survey by the conference committee. Meanwhile, Jolts’ survey shows that Jolts’ survey fell to 7.19 million in March.
In new tariff news, Commerce Secretary Howard Lutnick said today that he has reached a trade contract with an unspecified country, but that the contract still needs to be ratified with the country’s leader.
“It’s hard to guess how blind the market is,” Jeff Park, head of Alpha Strategies at Bitwise, posted on X.
“The Fed’s cuts mean nothing if US creditworthiness is permanently eroding by the global community, as the dollar’s weaponization has occurred,” Park said of recent speculations about whether the US central bank will be forced to counter the effects of Trump’s tariffs. “That’s the mispricing we’re talking about here,” he continued. “The myopia focus on whether (we) are getting Fed reductions in May/June is completely irrelevant if we know that risk-free concepts are fundamentally and forever challenged.