Bitcoin and other cryptocurrencies were on the rise early Monday, with the largest digital coin at one point reaching its highest level since President Donald Trump’s so-called reciprocal tariffs announcement.

The move comes as major U.S. stock indexes fall, weighed down by escalating trade tensions between the U.S. and China. Chinese officials warned countries negotiating with the White House that they will face retaliatory tariffs from China if they strike deals that harm Beijing. The dollar is falling too, which is helping cryptos and hurting stocks.

Crypto shares gained in Monday trading as Bitcoin rose above $88K. Bakkt up 7%; Bitfarms up 6%; CleanSpark up 5%; Strategy up 3%; Riot Platforms, MARA, Iren up 2%; Canaan up 1%.

Cryptocurrencies rallied at the end of 2024 amid hopes that Trump’s second presidency would bring change to the crypto landscape and boost prices. Yet, Bitcoin is down about 15% since inauguration day.

In other crypto news, a group of crypto companies, including Circle and BitGo, are planning to apply for bank charters or licenses, The Wall Street Journal reported Monday, citing people familiar with the matter. Circle and BitGo declined to comment.

Some crypto firms are eyeing bank charters that would allow them to run their businesses more like traditional lenders, while others are interested in narrower licenses enabling them to issue stablecoins. Either way, such a move could help crypto become more intertwined with the banking system.

Crypto exchange Coinbase is also exploring licensing options, according to the WSJ report. Coinbase didn’t immediately respond to a request for comment.