“Can hope be a strategy? Bitcoin climbs to $85K ahead of Trump’s ‘Liberation Day’ tariff declaration.”

Bitcoin and Crypto Stocks Rally Ahead of Trump’s ‘Liberation Day’ Tariff Announcement

Cryptocurrencies, which had been under pressure recently, are showing signs of recovery as traders anticipate that President Donald Trump’s upcoming tariff announcement may be less severe than originally expected.

In Tuesday afternoon U.S. trading, Bitcoin (BTC) surged to just above $85,000, reflecting a 2.1% gain in the last 24 hours. Other major cryptocurrencies such as Ether (ETH), Dogecoin (DOGE), and Cardano (ADA) saw even more significant increases, with gains approaching 5%.

Crypto stocks followed suit, with Bitcoin miners Core Scientific (CORZ) and CleanSpark (CLSK) posting nearly 10% increases, while Strategy (MSTR) rose by 5.4% and Coinbase (COIN) gained 2.1%.

Meanwhile, U.S. stocks also bounced back from early losses, with the Nasdaq gaining nearly 1% by the afternoon.

This upward momentum comes ahead of President Trump’s “Liberation Day” tariff announcement, set to be revealed after U.S. markets close on Wednesday. Speculation around the tariffs has caused uncertainty in the markets, but a report from NBC News has raised hopes that the feared blanket 20% tariffs may not be implemented. Instead, the White House is considering a “tiered system” with varying rates for different countries or products.

Adding to the sense of relief, White House Press Secretary Karoline Leavitt acknowledged the market volatility stemming from tariff concerns during a briefing on Tuesday. She noted that the administration recognizes the impact that tariff talk has had on market fluctuations.

In another international development, Israel’s Finance Minister Bezalel Smotrich announced that the country has begun a process to remove tariffs on U.S. imports, a move that could further improve trade relations.

With the possibility of a more measured tariff approach, the market is showing signs of optimism, helping to fuel the ongoing rally in both cryptocurrency and stock markets.