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Bitcoin Holding Near $87K While Stocks Slump a 'Strong Sign' of Maturing BTC Sentiment
The top cryptocurrency has never held so well with volatility being so high, according to macroeconomic expert Lawrence McDonald.
Updated Apr 22, 2025, 5:35 a.m. Published Apr 21, 2025, 7:45 p.m.
What to know:
- Bitcoin has surged to $86,800, marking a 2.3% increase in the last 24 hours, as traditional markets declined.
- The CoinDesk 20 index rose 1.17%, while major crypto-linked stocks and miners saw slight declines.
- Analysts suggest bitcoin's resilience may indicate a shift towards its perception as a safe-haven asset amid stock market and dollar weaknesses.
Bitcoin is taking a stand even as the broader stock market keeps sliding down to its tariff-related lows on Easter Monday.
The top cryptocurrency is up 2.3% in the last 24 hours and now trading for $86,800 for the first time since April 3—the day after the Trump administration unveiled its new tariff policy. Mainly buoyed by bitcoin, the broader market gauge CoinDesk 20 Index has risen 1.17% in the same period of time, with most tokens relatively unchanged.
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Crypto-linked stocks have also remained stable, with Coinbase (COIN) and Strategy (MSTR) down 1.2% and 1.3% respectively, and major bitcoin miners such as MARA Holdings (MARA), Riot Platforms (RIOT), and Core Scientific (CORZ) slumping between 2% and 3%.
The crypto market’s resilience is noteworthy considering that the S&P 500, Nasdaq, and Dow Jones have gone lower by 3.35%, 3.5% and 3.27% respectively, making their way back down to the tariff-related lows of two weeks ago.
Gold, meanwhile, is up 2.9% and is now trading for $3,400, while the DXY (an index that measures the strength of the dollar against a basket of other currencies) reached its lowest level in three years.
“Was today’s tandem rally in bitcoin and gold merely holiday-driven noise, or a meaningful shift towards bitcoin as a safe-haven asset? The latter would mark a material change in how traditional finance views bitcoin," analysts at crypto trading firm QCP Capital wrote.
"With Europe still on holiday, market confirmation may take a few more sessions. The correlation between bitcoin, gold and equities is one to watch closely."
Meanwhile, Lawrence McDonald, former head of U.S. Macro Strategy at French investment bank Société Générale, said that it may be time to sell gold in favor of bitcoin.
“Bitcoin has NEVER held up this well with a VIX near 30,” he posted on X, calling bitcoin’s resilience a game-changer. “This is a strong sign of a maturing bitcoin market (good news) and colossal encroaching fiat currency stress, USD.”
The weakness of stocks and the U.S. dollar, put into perspective with bitcoin and gold’s strength, may be due to investors' concerns about Trump potentially looking to fire Federal Reserve Chair Jerome Powell.
Earlier on Monday, U.S. President Donald Trump continued putting pressure on Powell, whom he called a “major loser” in a Truth Social post, sending an already shaky stock market even lower.
Trump demanded that Powell and his team lower interest rates “NOW,” arguing that there is currently “virtually no inflation” and that costs for many things are declining. Nevertheless, Trump said there’s a threat that the economy will slow down unless the Fed cuts rates.
Powell’s term, which started when he was appointed by Trump himself during his first four years in the Oval Office, is set to end in May 2026, but Trump has been trying to find a legal way to fire Powell beforehand.
The Fed Chair has previously argued that there is no possible way for the U.S. President to remove him under the law.
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Bitcoin’s Deep Correction Sets Stage for December Rebound, Says K33 Research
K33 Research says market fear is outweighing fundamentals as bitcoin nears key levels. December could offer an entry point for bold investors.
What to know:
- K33 Research says bitcoin’s steep correction shows signs of bottoming, with December potentially marking a turning point.
- The firm has argued that the market is overreacting to long-term risks while ignoring near-term signals of strength, like low leverage and solid support levels.
- With likely policy shifts ahead and cautious positioning in futures, K33 sees more upside potential than risk of another major collapse.
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