Key Highlights:
- The cryptocurrency market showed slight gains on Tuesday, with Bitcoin possibly approaching $96,000 for the first time in over two months.
- Stocks also saw increases as they rebounded from the volatile conditions earlier in April caused by tariffs.
- Jeff Park, from Bitwise, commented, “Hard to fathom how blind the market really is.”
The cryptocurrency market remained fairly stable on Tuesday, despite prevalent concerns regarding the tariffs imposed by the Trump administration affecting the economy.
Bitcoin (BTC) rose by 1% over the last 24 hours, trading near $95,400 and eyeing a breakthrough above $96,000, a level it hasn’t reached since February. The CoinDesk 20 index, which includes the top 20 cryptocurrencies by market cap excluding stablecoins and similar, increased by 1.1%, with Bitcoin Cash (BCH) leading the pack with a remarkable 6.3% gain.
Crabbing chart. (Best Backgrounds/Shutterstock)
On the corporate front, stocks had lackluster trading on Tuesday; with Coinbase (COIN) and MicroStrategy (MSTR) rising 0.9% and 3.3%, respectively, while Janover (JNVR) benefitted from its strategic investments in SOL, climbing another 16%.
Meanwhile, the stock market continued its recovery from the tariff-induced turmoil, with both the S&P 500 and Nasdaq gaining 0.55%.
Although some analysts note that the market’s resilience seems disconnected from the concerning economic data, it is worth noting that consumer confidence has reportedly hit its lowest in nearly five years, and the latest JOLTS report shows a decline in job openings.
In the context of tariffs, Secretary Howard Lutnick stated that a trade agreement was reached with an unspecified nation, pending ratification by their leaders.
Quotes from Jeff Park:
“A Fed cut means nothing if U.S. creditworthiness is permanently impaired by the global community due to dollar weaponization. That’s the mispricing we are talking about here… The focus on the potential Fed cut is irrelevant if the concept of risk-free assets is fundamentally challenged, which only raises global capital costs.”
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