Bitcoin Nears $96K as Markets Shrug Off Tariff Worries

The cryptocurrency market saw modest gains Tuesday despite mounting concerns over the economic impact of Trump-era tariffs. Bitcoin (BTC) rose 1% over the past 24 hours to around $95,400, approaching its highest level since February. The CoinDesk 20 index, which tracks top cryptocurrencies excluding stablecoins, exchange tokens, and memecoins, climbed 1.1%, with Bitcoin Cash (BCH) leading the pack, up 6.3%.

Crypto-related stocks posted mixed performances. Coinbase (COIN) edged up 0.9%, MicroStrategy (MSTR) rose 3.3%, and Janover (JNVR) surged 16%, driven by its ongoing Solana (SOL) accumulation strategy. Meanwhile, broader equities also extended gains. The S&P 500 and Nasdaq each added 0.55%, recovering from early April’s tariff-driven sell-off.

Still, underlying economic signals suggest storm clouds ahead. U.S. consumer confidence dropped to its lowest level since May 2020, according to the Conference Board, and consumer expectations hit a new low not seen since 2011. The March JOLTS report showed job openings slipping to 7.19 million, below forecasts of 7.5 million.

In trade news, Commerce Secretary Howard Lutnick announced a new agreement with an undisclosed country, pending ratification. However, skepticism persists among market analysts.

Jeff Park, head of Alpha Strategies at Bitwise, criticized the market’s optimism, warning that potential Federal Reserve rate cuts could prove meaningless if global trust in U.S. creditworthiness erodes due to dollar weaponization. “The obsession with a May or June Fed cut misses the bigger picture,” Park posted on X. “If the idea of ‘risk-free’ assets breaks down, the global cost of capital rises.”

Despite economic headwinds and geopolitical risks, crypto remains resilient, with Bitcoin nearing a major psychological milestone amid broader market uncertainty.