Bitcoin Dominance Rises Amid Market Sell-Off and Trade Uncertainty
Bitcoin (BTC) remains a preferred asset in the crypto market despite recent price drops. Over the last 24 hours, BTC declined by 2%, closing at approximately $92,200, while the broader CoinDesk 20 index fell by 3.75%.
The sell-off relates to profit-taking and mixed signals from the Trump administration regarding U.S.-China trade relations. Comments from Treasury Secretary Scott Bessent contradicted President Trump's earlier suggestions of easing tariffs, leading to market uncertainty.
Key points include:
- Institutional traders favor BTC, evidenced by a Binance futures contract trading at a 76% premium for one-year forward contracts.
- Large options bets indicate expectations for BTC to reach $110,000 by June, with caution reflected in simultaneous sales of higher calls for September and December.
- Long-term holders continue to accumulate BTC, with data showing they have bought more than short-term holders sold.
- Market reactions remain sensitive to political developments in Washington.
Market Movements
- BTC is down 1.36% at $92,411.92.
- ETH decreased by 2.94% to $1,743.77.
- Gold rose by 2.19% to $3,347.90/oz.
- The DXY index decreased by 0.45% to 99.40.
Upcoming Events
- April 25: SEC Crypto Task Force Roundtable on “Key Considerations for Crypto Custody”.
- April 28: Enjin Relaychain increases active validator slots.
- April 30: ProShares XRP ETF expected to begin trading on NYSE Arca.
Investors should monitor ongoing developments and adjust strategies accordingly.