President Donald Trump’s mutual duty, which revealed, had led to a $ 5.4 trillion US share development in just two days when the S&P 500 index fell to its lowest level of 11 months, and the NASDAQ 100 entered the Bear Market territory.
Still, in the middle of the chaos, cryptocurrency shows elasticity, where Bitcoin (BTC) drops approx. 6%when tariffs were revealed compared to Nasdaq’s fall of 11%. The wider crypto market, measured by Coindesk 20 (CD20) index, fell by approx. 4.9% in the same period.
To put the sales figures in perspective, the total crypto market cap is about $ 2.65 trillion, according to Data from Thetie. In the last 24-hour period, Bitcoin dropped 0.3% to $ 82,619.77, while the wider CD20 increased by approx. 0.2%. On the market close to Friday, most crypto-related shares also fell, but some actually moved up.
Bitcoin miner Mara Holdings (Mara) rose 0.6%, while Core Scientific (Corz) experienced a 0.4% upward. Strategy (Mstr), the largest business owner of Bitcoin with 528,185 BTC on its balance, increased 4%. It surpassed significantly Nasdaq on Friday, which threw 5.8%.
Cryptocurrency prices are likely to remain resistant. Given their availability through traditional investment products, including exchange-traded funds (ETFs) and their performance, they could be “useful as a tradfi-heath”, according to Standard Chartered’s Geoffrey Kendrick.
“Over the past 36 hours, I think we can also add ‘US Isolation’ hedge to the list of Bitcoin uses,” Kendrick wrote in an email dated April 4, adding in a chart showing that Microsoft among the magnificent 7 stocks exceeded BTC during sale.
The resistance also comes as the crypto community celebrated the alleged birthday of Bitcoin creator Satoshi Nakamoto. The date is based on the Bitcoin creator’s profile with the P2P Foundation.
The date, some speculate, is not real, but instead symbolic. It coincides with the anniversary of executive order 6102, signed by President Franklin D. Roosevelt on April 5, 1933. The order required Americans to turn their gold to Federal Reserve.
Read more: Bitcoin starts decoupling from Nasdaq as US stocks crumble
