The cryptocurrency market posted mild gains on Tuesday following a strong rebound on Monday, driven by President Donald Trump's more flexible stance on upcoming tariffs.
Bitcoin led the recovery, while Ethereum recorded the largest outflows.
The U.S. Department of the Treasury lifted its sanctions against Tornado Cash, a censorship-resistant cryptocurrency mixer. The U.S. sanctioned the mixer in 2022 for money laundering.
Anticipated moves by President Trump and Senate Republicans appear intent on using crypto policy to achieve a broader goal: ending the Fedβs independence.
"I'm finally able to announce that this case has ended. It's over," Garlinghouse said in a video shared on his X account.
Strategy, formerly known as MicroStrategy, said on Tuesday that the software firm plans to raise as much as $500 million through a new offering to buy more Bitcoin.
The total value locked (TVL) in decentralized finance (DeFi) protocols has fallen by approximately $50 billion in the past four months, eliminating gains made since the post-election market surge in November 2024.
The $2B investment is also the single largest investment into a crypto company and the largest investment paid in crypto.
Escalating trade tensions and inflation concerns fueled a sell-off triggering $731 million in liquidations.
The cryptocurrency market continued to lose ground on Monday, following a decline on Friday driven by macroeconomic data that heightened concerns about rising inflation.
President Donald Trump established a Strategic Bitcoin Reserve and a stockpile of other digital assets through an executive order on Thursday, shortly before hosting a crypto summit at the White House.
Market volatility persists as Bitcoin and other major cryptos swing between gains and losses before the event.