Bitcoin rose on Tuesday after lackluster moves the previous day as U.S. President Donald Trump hinted at further tariff relief with the possibility of halting tariffs on cars.

The largest cryptocurrency in the world climbed 2% to $86,025.0000 by 4:40 PM Saudi time.

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Reports indicated that the Trump administration is considering using tariff revenues to buy Bitcoin, with the aim of bolstering reserves without borrowing more money or imposing new taxes.

This move follows Trump's executive order to build a strategic reserve of cryptocurrencies, according to media reports.