Bitcoin (BTC) drifts upwards as the broader market adjusts favorably to trade-related news

The largest cryptocurrency was up 1.6% in the last 24 hours and is now trading just shy of $85,000. Ether (ETH), meanwhile, rose 2.7%

Bitcoin (BTC) drifted ever so gently upwards Monday as the broader market adjusts favorably to trade-related news.

The largest cryptocurrency was up 1.6% in the last 24 hours and is now trading just shy of $85,000. Ether (ETH), meanwhile, rose 2.7% in the same period of time to $1,630. The broad-market CoinDesk 20 Index — consisted of the top 20 cryptocurrencies by market capitalization except for stablecoins, memecoins and exchange coins — advanced 1.2%, led by gains in SOL and AVAX.

After a couple of wild weeks, the stock market also edged higher today, the Nasdaq closing with a 0.6% gain and the S&P 500 rising 0.8%. Strategy (MSTR) and MARA Holdings (MARA), led among crypto stocks with roughly 3% gains.

The modest rally came as Federal Reserve Governor Christopher Waller signalling that a return of the original punitive Trump tariffs would trigger the need for sizable “bad news” rate cuts.

“The effects of [tariffs] on output and employment could be longer-lasting and an important factor in determining the appropriate stance of monetary policy,” said Waller in a speech. “If the slowdown is significant and even threatens a recession, then I would expect to favor cutting the FOMC’s policy rate sooner, and to a greater extent than I had previously thought.”