Bitcoin’s price rose above $95,000 on Tuesday, influenced by hints of trade deals from Trump’s cabinet. Analysts note Trump’s upcoming rally in Michigan is likely to draw attention from investors, hoping for signs of crypto support. With trade negotiations ongoing, particularly with India, the potential economic impact of tariffs remains a concern for economists.
Bitcoin saw a slight increase on Tuesday, climbing past the $95,000 mark thanks to some hints of trade deals from U.S. President Donald Trump’s cabinet. In particular, the well-known cryptocurrency was trading at around $95,400, marking a modest 0.5% rise within the day. Meanwhile, other cryptocurrencies performed even better, with Ethereum up 3% to $1,830 and Solana rising 2% to $150, according to CoinGecko.
President Trump is set to hold a rally in Macomb County, Michigan, at approximately 6 p.m. ET, promoting what he claims to be the best first 100 days of any administration. According to The Detroit Free Press, this event is anticipated to catch significant media attention, and analysts suggest investors will be paying close attention to any remarks concerning Bitcoin.
Crypto exchange Bitfinex reported that Trump’s speech could shed light on his administration’s stance regarding cryptocurrency assets. They suggested that even less concrete actions could positively influence Bitcoin’s standing in the macro-political conversation, especially if Trump mentions establishing a strategic crypto reserve or acknowledges Bitcoin’s role in the nation’s financial future.
On his social media site Truth Social, Trump shared many recent endorsements, including words of commendation from officials like House Speaker Mike Johnson. Interestingly, over recent weeks, his focus has been more on international relationships than personal achievements, setting a wider trade agenda.
In other news, U.S. Commerce Secretary Howard Lutnick, while appearing on CNBC’s ‘The Exchange’, hinted at a trade deal with a yet-unnamed country which had been impacted by Trump’s “reciprocal” tariffs. He noted that formal approval from the nation’s prime minister and parliament was still pending before details could be disclosed.
Trump himself appeared optimistic outside the White House, mentioning positive developments in trade negotiations with India. A Reuters report highlighted his belief that the U.S. is nearing a deal with India, signalling potential shifts in future trade relations.
As commented by David Lawant from FalconX, trade policy news has the potential to sway risk assets, including cryptocurrencies. However, he also noted that as the economic landscape continues evolving, the long-term effects of Trump’s tariffs could exacerbate inflation and affect economic growth. Although the economic impact of these tariffs hasn’t yet been reflected in data, the Federal Reserve’s inflation index is poised for an update this Wednesday, which might inform future trends.
Edited by James Rubin
