It seems that our irreverent Bitcoin (BTC), with all the hauteur of a miscreant aristocrat, continues to display an almost preposterous resilience even as the world of stocks and crypto, much like a beleaguered society in decay, tumbles into a pit of despair following a series of tariff-induced calamities orchestrated by none other than Donald Trump.
On this most curious day of April 7, the digital coin has managed a modest ascension of nearly 1%, reaching the almost unbelievable height of $79,000. Meanwhile, the S&P 500 stands in indifferent repose and the vaunted gold futures—those erstwhile icons of necromantic safety—are languishing about 1.5% below their expected valor, as if jesting at their own inadequacy. 🤷♂️
“In spite of the recent outbursts of tariff-induced woes, BTC has, with a certain nonchalant bravado, held its ground or even rebounded on days when its more traditional counterparts faltered,” declared Binance, ever the cynic in this theatrical production of global finance, in an April 7 report. One might almost suspect that Bitcoin’s long-term advocates, with their unwavering conviction, are rather enjoying the spectacle of market chaos.
During a period marked by the absurdity of economic theatrics, Bitcoin’s abiding group of long-term holders continues to swell—a clear signal of their steadfast belief, or perhaps sheer stubbornness, in the face of recent volatility.
Not to be outdone by common sense, on April 2 the singular pompous figure of Trump announced tariffs of at least 10% on most imports, with extra “reciprocal” tariffs on goods from 57 countries, as if engaging in a farcical game of economic chess. 🎭
Since then, the esteemed indices of US stocks, including the S&P 500 and Nasdaq, have stumbled by over 10% as traders, rather like characters in a Waugh novel, brace themselves for the inevitable misadventures of a looming trade war.
Whilst Bitcoin lags a touch behind these unfortunate stocks—declining approximately 12%—its performance is nevertheless a shining beacon compared to the overall crypto market’s 25% plunge since April 2. Clearly, the digital currency has a wry sense of self-preservation.
“Now, with reciprocal tariffs emerging and global markets adjusting to a rather dystopian vision of prolonged trade fragmentation, much will depend on BTC’s ability to reassert its narrative as a safe haven—an amusing contradiction in these times of institutional farce,” the report mused.
Changing asset correlations
In a twist that would please any connoisseur of ironic economics, Bitcoin’s association with gold—a once-revered refuge in periods of extreme macroeconomic uncertainty—has been strikingly weak, averaging a meager 0.12 over the past 90 days, according to Binance.
In contrast, its correlation with equities is slightly more affectionate, at 0.32, suggesting that while short-term fluctuations are unavoidable, BTC may yet reclaim an independent macro identity, much like a droll outsider in the grand theatre of finance.
“The vexing query remains whether BTC can realign with its historical pattern of low correlation with equities,” the report observed, as if questioning the very fabric of economic propriety.
For now, gold remains the darling safe haven of fund managers, despite the digital disruptor’s persistent attempts at irreverence.
A survey revealed that a staggering 58% of the savvier investors would prefer gold during a trade war, leaving Bitcoin with a paltry 3%—a statistic that provokes a wry smile at the apparent absurdity of market sentiment.
“Market participants will be keenly observing to see if BTC can retain its allure as a non-sovereign, permissionless asset amidst an increasingly protectionist global economy,” Binance remarked, perhaps as if enjoying the ultimate cosmic joke. 😏
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2025-04-07 22:49