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Bitcoin Holds Tight Despite Dismal Economic Data, Rising India/Pakistan Tensions
The Dallas Fed Manufacturing Index plunged to its lowest level since the COVID pandemic closed the economy.
Updated Apr 28, 2025, 8:18 p.m. Published Apr 28, 2025, 7:57 p.m.
What to know:
- Bitcoin remained roughly flat during U.S. trading hours, reversing an early decline.
- After strong advances last week, Coinbase and Stategy were lower Monday, while Janover and DeFi Technologies have seen gains due to SOL accumulation strategies.
- The Dallas Fed Manufacturing Index fell to its lowest level since May 2020, reflecting significant economic concerns due to the Trump tariffs.
Bitcoin fell early in the U.S. trading session, but mostly held firm as poor macroeconomic news rolled in.
The top cryptocurrency late in the day was trading just below $95,000, up 0.5% over the past 24 hours. The CoinDesk 20 — an index of the top 20 largest cryptocurrencies by market capitalization excluding memecoins, exchange coins and stablecoins — was roughly flat over the same time frame.
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Crypto stocks like Coinbase (COIN), Strategy (MSTR) and the miners were losing modest ground after big gains last week. Notable exceptions included Janover (JNVR) and DeFi Technologies (DFTF), ahead 24% and 6.5%, respectively even as SOL — the token which both companies are aggressively accumulating — fell about 3% during the U.S. day.
Meanwhile, gold rose almost 1% and the dollar index fell 0.6%. The S&P 500 and Nasdaq each peaked into the green late in the session after earlier dipping more than 1%.
The Dallas Fed Manufacturing Index, a typically little-noticed economic data point, plunged to -35.8 from -16.3 last month — much worse than analysts’ expectations of a -14.1 print and the worst performance since COVID upended the world economy.
“Pretty horrible Dallas Fed Manufacturing Survey. Level hits the lowest since May 2020,” Joe Weisenthal, co-host of the Odd Lots podcast, posted on X. “All the comments are about tariffs and policy uncertainty. Add it to the list of bad soft/survey data.”
Hostilities between India and Pakistan might also have added to market jitters, with Pakistani Defense Minister Khawaja Muhammad Asif claiming that an Indian military incursion into Pakistan was imminent. Last week 26 people were killed in a terrorist attack in Pahalgam, a popular tourist destination in Indian-controlled Kashmir. The two countries have exchanged fire since.
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- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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Bitcoin's bearish turn deepens as 75 out of top 100 coins trade below key averages; Nasdaq resilient
Crypto's bear grip squeezes tighter as 75 of top 100 coins trade below 50- and 200-day SMAs.
What to know:
- 75 of the top 100 coins trade below their 50-day and 200-day simple moving averages.
- Major cryptocurrencies like bitcoin, ether, and solana are underperforming the key averages, denting risk sentiment.
- Only eight of the top 100 coins are considered oversold, indicating that most coins may still have room to fall further.
