Bitcoin Holds Steady Above $87,000 as Dogecoin and SHIB Gain
Bitcoin is stable above $87,000 amid anticipation of U.S. data releases and upcoming tariffs effective April 2. Most major cryptocurrencies showed minimal changes in the past 24 hours:
- Solana's SOL, XRP, BNB, and Ether rose under 3%
- Dogecoin (DOGE) outperformed with a 5.5% increase, marking its second consecutive day of gains
- Shiba Inu (SHIB) surged 11%, driven by interest in meme coins and a 228% rise in its ShibaSwap exchange
Concerns about a potential U.S. economic slowdown persist, while some investors are adopting a defensive strategy. Analysts expect a soft market rebound leading up to the tariff announcement on April 2, which may influence global markets.
QCP Capital noted that the upcoming quarter is historically favorable for risk assets, with the S&P 500 averaging a 19.6% annualized return in Q2, and Bitcoin showing strong median performance during this period.
Options traders remain cautious, focusing on the upcoming Personal Consumption Expenditure (PCE) data release on March 28. This data influences inflation expectations and Federal Reserve interest rate decisions, impacting risk appetite and cryptocurrency prices.