Bitcoin (BTC-USD) initially kicked off Monday's session with an extended slump, only to reverse course and trade in positive territory, as traders positioned themselves for what many are expecting to be another volatile week across risk markets, with President Donald Trump's so-called "Liberation Day" set for Wednesday.

Over the last 24 hours, the world's largest cryptocurrency by market cap (BTC-USD) was rose 1% to $83.5K as of 9:37 a.m. ET on Wednesday, though it's still up from as low as $81.3K earlier in the session. Altcoin king Ether (ETH-USD) advanced 1.6% at $1.84K. (Updated at 11:24 a.m. ET)

The reversal mirrored that of U.S. equities after a weekend of further tariff developments in the run-up to Trump's April 2 "Liberation Day," when he plans to impose reciprocal tariffs on countries that charge duties on U.S. goods.

Crypto-linked stocks mostly clawed back their premarket losses. Strategy (MSTR), which just disclosed another weekly bitcoin (BTC-USD) purchase, gained 0.4%, crypto exchange Coinbase Global (COIN) -2.6%, crypto trading venue Bakkt Holdings (BKKT) -6.2%, crypto investment manager Galaxy Digital Holdings (OTCPK:BRPHF) -9.3%, and bitcoin miners Riot Platforms (RIOT) -3.6% and MARA Holdings (MARA) -4.5%. (Updated at 11:24 p.m. ET)

Dear readers: We recognize that politics often intersects with the financial news of the day, so we invite you to click here to join the separate political discussion.