Bitcoin Falls Over 2% Amid Escalating U.S.-China Trade Tensions
Cryptocurrency prices have dipped significantly over the past 24 hours due to escalating U.S.-China trade tensions. Key developments include:
- U.S. tariffs on China may reach up to 245% on imports, leading to a sell-off in risk assets.
- Bitcoin (BTC) has decreased by over 2.2%, with the CoinDesk 20 index down 3.75%.
- Nasdaq 100 futures fell by more than 1% and S&P 500 futures dropped 0.65%.
- BTC is now below its 200-day moving average, indicating a potential bear market cycle since late March.
- Coinbase Institutional's Z-Score suggests the end of the bull cycle occurred in late February.
- Upcoming economic data includes U.S. retail sales, unemployment claims, and residential construction figures.
Gold prices have risen approximately 26.5% year-to-date, contrasting sharply with a 9% drop in the U.S. Dollar Index.
Key Upcoming Crypto Events
- April 16: HashKey Chain mainnet upgrade.
- April 16: Spot Solana ETFs begin trading on the Toronto Stock Exchange.
- April 17: EigenLayer activates slashing on Ethereum mainnet.
- April 18: Pepecoin undergoes its second halving.
- April 21: Coinbase Derivatives will list XRP futures pending CFTC approval.
Market Overview
- BTC is currently priced at $83,823.34, down 2.7% in 24 hours.
- ETH is down 3.31% at $1,575.79.
- Gold has increased by 3.31%, reaching $3,325.20/oz.
- The DXY is down 0.59% at 99.63.
Open interest in BTC perpetuals and futures has fallen as prices retreated from $86K to nearly $83K, indicating reduced participation during the price decline.
For additional insights, monitor the evolving economic landscape and cryptocurrency market fluctuations.