Is Hope a Strategy? Bitcoin Reclaims $85K Ahead of Trump 'Liberation Day' Tariff Announcement

Recently very shaky risk assets — crypto among them — are attempting a rally on Tuesday, perhaps. buoyed by chatter that Donald Trump's tariffs won't be as stringent as feared.

In early afternoon U.S. action, bitcoin BTC$88,200.40 had climbed to just above $85,000, ahead 2.1% over the past 24 hours. Previously really roughed up crypto majors like ether ETH$2,993.46, DOGE$0.1325 and ADA$0.3687 had put in gains of roughly twice that amount.

Crypto stocks are also performing well, with bitcoin miners Core Scientific (CORZ) and CleanSpark (CLSK) jumping almost 10% on the day. Strategy (MSTR) is up 5.4% and Coinbase (COIN) 2.1%.

U.S. stocks reversed early session losses to turn higher as well, with the Nasdaq now ahead just shy of 1% for the day.

The action comes ahead of the Trump administration’s so-called "Liberation Day" tariff rollout set for tomorrow after the close of U.S. trading.

Hope?

A report from NBC News suggested the market's most feared option — blanket 20% tariffs across the board — is "less likely" to be the direction taken by the White House. Instead, according to the report, a "tiered system" of different rates or country-by-country rates could be announced.

Also maybe helping is what appears to be the first acknowledgement that the administration is aware of the market tumult resulting from all the tariff chatter. Speaking today at her daily briefing, White House Press Secretary Karoline Leavitt said that there were legitimate concerns about market swings.

Meanwhile, Israel’s Minister of Finance Bezalel Smotrich announced on Tuesday that a process had been launched to get rid of tariffs on U.S. imports in that country.