The price of Bitcoin edged higher on Tuesday as members of U.S. President Donald Trump’s cabinet teased trade deals ahead of a rally scheduled for the president in Michigan.
The original cryptocurrency was recently changing hands around $95,400, a 0.5% increase over the past day, according to crypto data provider CoinGecko. Most altcoins showed bigger gains, with Ethereum and Solana rising 3% to $1,830 and 2% to $150, respectively.
The president is expected to speak in Macomb County, Michigan, around 6 p.m. ET, where he will host a “celebration of the most successful and monumental first 100 days of any administration in history,” per The Detroit Free Press.
Analysts at the crypto exchange Bitfinex told Decrypt that Trump’s address will gain “outsized attention,” as investors look for signs of his alignment with assets like Bitcoin.
“Even without hard policy action, a tone that reinforces institutional legitimacy or economic nationalism through crypto could further embed Bitcoin into the macro-political narrative,” they wrote, adding that could look like “any explicit mention of a strategic crypto reserve […], or language that frames Bitcoin as part of America’s long-term financial infrastructure.”
On his social media platform, Truth Social, Trump posted a series of accolades aimed at himself, including praise from the Department of Education and House of Representatives Speaker Mike Johnson, among other affiliated individuals and groups. For weeks, Trump has largely focused on foreign nations as he aims to reshape global trade, rather than himself.
The U.S. has reached a trade deal with one nation affected by Trump’s “reciprocal” tariffs, U.S. Commerce Secretary Howard Lutnick said on Tuesday on CNBC’s ‘The Exchange.’ However, Lutnick said he was not able to name the country because its prime minister and parliament still needed “to give its approval.”
Speaking to reporters outside the White House, Trump expressed similar optimism. He said that negotiations with India were going well, and that he thinks the U.S. has a deal, per Reuters.
“Trade policy headlines are likely to continue to drive risk assets, with crypto in tow,” David Lawant, head of research at crypto brokerage FalconX, told Decrypt. “Over time, however, as the new environment takes shape, I expect the impact [of tariffs] on inflation and economic activity to gain traction.”
Economists fear Trump’s tariffs will add to inflation while weighing on economic growth. Although the impact of Trump’s tariffs has yet to show up in economic data, the Federal Reserve’s preferred inflation gauge is set for a refresh on Wednesday.
Edited by James Rubin
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