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Crypto Rebounds From Early Declines Alongside Reversal in U.S. Stocks
The major U.S. stock market averages tumbled about 2% to begin Wednesday following underwhelming economic data.
Updated May 1, 2025, 1:22 p.m. Published Apr 30, 2025, 8:34 p.m.
What to know:
- The crypto market bounced alongside stocks in U.S. afternoon hours Wednesday.
- Bitcoin narrowed its decline to just 0.4% and was trading at $94,700 shortly after the stock market close.
- Altcoins and crypto equities experienced more sizable falls, with notable losses in Hut 8 and Coinbase.
There was a bit of volatility in crypto on Wednesday, but most of the market continued the weeks' trend of trading in a very tight range.
Shortly after the close of the U.S. stock market, bitcoin was changing hands at $94,700, down just 0.4% over the past 24 hours. BTC was lower by nearly 2% at one point alongside a sizable early decline in stocks.
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Hit harder during the early decline, altcoins also rebounded, but underperformed bitcoin The CoinDesk 20 slumped 2% in the last 24 hours, with , ripple (XRP), and chainlink all dropping roughly 4%.
Crypto equities were modestly lower, but bitcoin miner Hut 8 (HUT) was a notable underperformer, falling 5.7%.
The major U.S. stock averages tumbled 2% or more early in the session following less than stellar economic news. They retook ground throughout the day though, with the S&P 500 closing slightly in the green and the Nasdaq dipping just 0.1%.
The continuing string of lame economic data, however, has not seemed to deter U.S. President Trump from his tariff policies.
“Somebody said all the shelves are going to be open,” Trump said early Wednesday. “Well, maybe the children will have two dolls instead of 30 dolls, and maybe the two dolls will cost a couple of bucks more than they would normally. … They have ships that are loaded up with stuff, much of which we don’t need.”
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What to know:
- 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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Japan’s Higher Rates Puts Bitcoin in the Crosshairs of a Yen Carry Unwind
A stronger yen typically coincides with de-risking across macro portfolios, and that dynamic could tighten liquidity conditions that recently helped bitcoin rebound from November’s lows.
What to know:
- The Bank of Japan is expected to raise interest rates to 0.75% at its December meeting, the highest since 1995, affecting global markets including cryptocurrencies.
- A stronger yen could lead to de-risking in macro portfolios, impacting liquidity conditions that have supported bitcoin's recent recovery.
- Governor Kazuo Ueda indicated a high probability of a rate hike, with officials prepared for further tightening if their economic outlook supports it.
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