Bitcoin Rally Pushes Crypto Stocks Higher Amid Tariff Concerns

Crypto-related stocks surged Tuesday as bitcoin (BTC) broke past the $90,000 mark, sparking renewed investor appetite for digital assets. Major crypto-exposed equities like MicroStrategy (MSTR) and Coinbase (COIN) gained 8–9%, while bitcoin miners led the rally with double-digit gains. Bitdeer Technologies (BTDR) soared 20%, and Bitfarms (BITF), CleanSpark (CLSK), Cipher Mining (CIFR), Marathon Digital (MARA), and Riot Platforms (RIOT) jumped 10–15%, outpacing BTC’s 5% climb.

The broader U.S. stock market also rebounded, buoyed by hopes of easing U.S.-China trade tensions, with the Nasdaq and S&P 500 rising 2% and 1.7%, respectively. However, crypto mining firms remain under pressure due to long-standing margin squeezes, intense hashrate competition, and tariff-driven costs. U.S. import tariffs on ASIC miners—a cornerstone of bitcoin mining—have curbed expansion plans and are likely to shift growth to more favorable regions like Canada.

According to Taras Kulyk, CEO of Synteq Digital, tariffs will “materially affect future spending and CapEx in the U.S.” As a result, alternative jurisdictions are becoming more attractive for infrastructure deployment. Bitdeer’s recent performance reflects its strategic pivot—building out self-mining operations and expanding ASIC manufacturing capabilities. Tether's $32 million investment in BTDR also underscores growing confidence in Bitdeer's positioning.

While miners have underperformed since late 2023, the renewed momentum in BTC is boosting their stocks, which often act as leveraged proxies to bitcoin’s price action. Still, tariff uncertainty remains a critical overhang. With earnings season underway, investors are watching closely for corporate commentary—particularly from Tesla, which holds BTC on its balance sheet—for insights into the crypto sector’s near-term outlook amid global trade pressures.