Bitcoin (BTC) Climbs Nearly 10% From Its Weakest Level of the Session as Nasdaq Moves into the Green

A big Tuesday reversal in risk markets has seen bitcoin (BTC) climb nearly 10% from its weakest level of the day and the Nasdaq move into the green after being lower by nearly 2% earlier in the day.

U.S. stocks pared steep losses on Tuesday as upbeat consumer confidence data and a rally in bitcoin helped to reduce some of the market's pessimism over Trump's latest tariff threats.

After opening sharply lower and trading in negative territory for a better part of the session, the Nasdaq Composite index is now up 0.7%, while the S&P 500 has narrowed a large early loss to just 0.25%.

The Dow Jones Industrial Average is still down 0.8%, with the bank stocks in particular weighing on the index.

The broader advance comes after the Conference Board's consumer confidence index rose to 130.3 in March, the highest level since July 2021, and a reading that easily beat economists' expectations for 128.0.

Consumer spending is a key driver of the U.S. economy, and the upbeat confidence reading suggests that consumers are in a good mood to spend in the months ahead.

Bitcoin also rose sharply on Tuesday, climbing nearly 10% from its weakest level of the session to trade just above $88,000. The world's largest cryptocurrency is now up about 1.5% over the past 24 hours.

Bitcoin's recovery comes after a turbulent few weeks that saw the cryptocurrency plunge to lows of around $78,000 before staging a rebound of over 20% to highs of around $95,000.

Crypto-related stocks are also trading higher on Tuesday, with MicroStrategy (NASDAQ:MSTR) shares rising 11%, Coinbase (NASDAQ:COIN) shares up 4%, and Marathon Holdings (NASDAQ:MARA) shares adding 5%.

At 12:15 p.m. ET, the Nasdaq was trading at 15,170, the S&P 500 was at 4,139 and the Dow was at 33,318.