Bitcoin Hits $95K as U.S. Stocks Continue to Show Steady as Analyst Warns of Market 'Blindness'
Commerce Secretary Howard Lutnick said the White House has finalized a trade deal with an unnamed nation.
Tom Carreras | Edited by Steven Alpher Updated April 30, 2025, 12:34 PM Published April 29, 2025, 8:11 AM
Key points:
- The cryptocurrency market gained some ground on Tuesday, with Bitcoin possibly targeting the $96,000 level for the first time in more than two months.
- Stocks also rose, continuing their recovery from the tariff-induced panic of early April.
- “It's hard to imagine how blind the market can be,” said Jeff Park of Bitwise.
The cryptocurrency market had another relatively quiet day on Tuesday, despite general pessimism about the impact of the Trump administration's tariffs on the economy.
Bitcoin (BTC) has gained 1% in the past 24 hours, trading at nearly $95,400 and approaching $96,000 for the first time since mid-February. The CoinDesk 20 — an index of the top 20 cryptocurrencies by market cap, excluding stablecoins, exchange tokens, and meme coins — is up 1.1%, with Bitcoin Cash (BCH) outperforming the rest of the index, up 6.3%.
Crypto stocks also had a fairly muted performance on Tuesday, with Coinbase (COIN) and Strategy (MSTR) up 0.9% and 3.3%, respectively. Janover (JNVR) continues to benefit from its SOL accumulation strategy, rising another 16%.
The stock market also continued to recover from the tariff panic of early April, with the S&P 500 and Nasdaq each up 0.55%.
Some observers believe that the market's dynamics are not dependent on incoming information indicating a slowdown in economic activity in the United States due to the White House's tariff policies.
According to a Conference Board survey, consumer confidence was at its lowest since May 2020, and consumer expectations were at their lowest since 2011. At the same time, the JOLTS survey found that job openings fell to 7.19 million in March, compared to an expected 7.5 million.
In tariff news, Commerce Secretary Howard Lutnick today announced a trade deal with an unnamed country, though the agreement still must be ratified by that country's leadership.
Some shadow on the rally
“It’s hard to imagine how blind the market can be,” wrote Jeff Park, head of Alpha Strategies at Bitwise, on Platform X.
“A Fed rate cut means nothing if the creditworthiness of the U.S. is permanently undermined by the global community through the weaponization of the dollar,” Pack said, referring to recent speculation about whether the U.S. central bank will be forced to cut rates to counter the impact of Trump’s tariffs. “That’s the miscalculation at play,” he continued. “The short-sighted focus on whether we’ll get a Fed rate cut in May/June is completely misplaced if the concept of risk-free as we know it is permanently threatened, meaning the cost of capital around the world will rise.”
