Bitcoin Nears $96K as Markets Shrug Off Economic Gloom and Tariff Risks
Despite growing concerns over the economic fallout from the Trump administration’s tariff policy, both crypto and equity markets posted modest gains on Tuesday. Meanwhile, U.S. Commerce Secretary Howard Lutnick revealed the White House is nearing a trade agreement with an unnamed country.
Bitcoin (BTC) climbed 1% over the past 24 hours to hover around $95,400, inching closer to the $96,000 mark — a level not seen since mid-February. The CoinDesk 20 index, which tracks major cryptocurrencies excluding stablecoins, exchange tokens, and memecoins, advanced 1.1%, led by a standout 6.3% surge in Bitcoin Cash (BCH).
Crypto-linked stocks showed more restrained movement. Coinbase (COIN) edged up 0.9%, while MicroStrategy (MSTR) rose 3.3%. Janover (JNVR) extended its recent rally, jumping another 16% as it continued to benefit from its Solana (SOL) accumulation strategy.
Traditional markets also maintained their recovery from the early April selloff triggered by tariff tensions. The S&P 500 and Nasdaq both added 0.55% on the day.
Still, the upbeat market tone stands in contrast to increasingly bleak economic indicators. The latest Conference Board data revealed that consumer confidence has dropped to its lowest level since May 2020, and consumer expectations are now at their weakest since 2011. Meanwhile, the JOLTS report showed job openings fell to 7.19 million in March, well below the 7.5 million analysts had projected.
In a fresh development, Commerce Secretary Lutnick confirmed that a trade deal had been reached with an unidentified nation. However, it still requires ratification from that country’s leadership.
Some analysts are warning that markets may be underestimating the long-term damage. Jeff Park, head of Alpha Strategies at Bitwise, took to X to voice his concerns: “Hard to fathom how blind the market really is.”
Park argued that the focus on potential Federal Reserve rate cuts is misplaced. “A Fed cut means nothing if U.S. creditworthiness is permanently impaired by the global community as a result of dollar weaponization,” he said. “The obsession with a May or June rate cut overlooks a deeper issue: if the concept of a risk-free asset is fundamentally broken, then the global cost of capital is heading much higher.”
