Bitcoin Holds Steady Amid Anticipation of Trump’s Tariff Announcement
Markets are on edge as President Trump's "Liberation Day" approaches, with anticipated announcements regarding U.S. tariffs. Commerce Secretary Howard Lutnik may face scrutiny over these tariff decisions amid recession concerns; the Atlanta Fed's GDPNow model forecasts a -3.7% contraction in U.S. real GDP for Q1.
Key points include:
- Trump has not specified target countries for tariffs; announcement expected after market close.
- Bitcoin (BTC) is trading around $85,000, remaining 25% below its all-time high of $109,000.
- Compared to past cycles, Bitcoin has shown increased resilience, dropping 30% this year versus 16% for the Nasdaq-100 ETF (QQQ).
- Market reactions will depend heavily on the tariff announcement and subsequent developments.
Upcoming Events
Crypto:
- April 2: U.S. House Financial Services Committee hearing on crypto legislation.
- April 2: XIONMarkets mainnet launch.
- April 9: Hearing on updating U.S. securities laws for digital assets.
Macro:
- April 2: Brazilian industrial production data release.
- April 2: Trump administration's tariff announcement at 4 p.m.
Market Movements
Current prices:
- BTC: $85,063.12 (down 0.21%)
- ETH: $1,879.84 (down 1.75%)
- DXY: 104.12 (down 0.13%)
- Gold: $3,162.70/oz (up 1.4%)
- Silver: $34.77/oz (up 1.79%)
Technical Analysis
The total cryptocurrency market capitalization, excluding BTC and ETH, shows an upward trend. A bounce from the current trendline could indicate a continuation of the broader rally.
Token Unlocks
April 3: Wormhole (W) unlocking 47.64% of its circulating supply valued at approximately $104.38 million.
Derivatives Positioning
Perpetual funding rates for major tokens remain slightly positive, but negative volume deltas suggest net selling pressure.
Investors should monitor the tariff announcement closely, as it may significantly impact both traditional and crypto markets.