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Risk assets are seeing a bit of a recovery after news broke that President Trump might hold off on some of the tariffs originally set for April 2nd. This has eased concerns that the U.S. might be pushing the global economy toward a full-scale trade war. The Wall Street Journal mentioned that these tariffs might be narrower in scope, potentially leaving out certain industries. Bloomberg also suggested some countries could even be exempt from them.
Bitcoin has been on a strong run since Sunday, climbing 4% with open interest surging over 10%, which pushed CVD higher as well. This movement has created a $1,000 gap on the CME between 84,100 and 85,100. Bitcoin's price, however, is still being limited by a downward trend line that’s been in place since late January. A break above this level around $88,000-$89,000 would trigger bullish momentum towards $93,000.
Altcoins are benefiting from the positive sentiment too, with SOL up 8%, UNI gaining 6%, and both TAO and LINK rising 4.5%. We're still expecting some volatility ahead with no clear idea of what's coming next.
In terms of Strategy's moves, they've acquired 6,911 BTC over the past week, totaling $584.1 million at an average price of $84,529 per BTC. This brings their total holdings to 506,137 BTC worth $33.7 billion, with an average price of $66,608 per BTC.
Looking ahead, it’s shaping up to be an interesting week for economic data, with flash manufacturing and services PMI today, durable goods reports on Wednesday, the final GDP reading on Thursday, and the core PCE price index on Friday, which could be quite telling.
The News Room
Legal Proceedings Impact Crypto Mixer Developer
Roman Storm, co-founder of Tornado Cash, faces trial for allegedly developing a cryptocurrency mixer used by North Korean hackers to launder over $1 billion. The case raises questions about legal responsibilities in the blockchain space.
President Trump's Flexible Tariff Approach Boosts Crypto Price
President Trump indicated a more flexible stance on upcoming tariffs, suggesting potential exclusions for certain countries and sectors. This shift alleviated fears of a global trade war, leading to a surge in cryptocurrency prices. Bitcoin rose above $87,500, while Ethereum climbed to $2,090
US President Donald Trump pumping his ‘cool’ memecoin leads to 9% jump amid 70% decline from ATH
Donald Trump's memecoin surged following a tweet from the former president calling it "cool." The coin saw a 9% increase in value, despite a significant 70% decline from its all-time high (ATH). This spike highlights the volatile nature of memecoins, which often see sudden price jumps driven by celebrity endorsements or viral attention. Trump's involvement, even indirectly, has sparked interest in his memecoin, reflecting the growing influence of social media in crypto markets.
Metaplanet ramps up Bitcoin strategy with latest purchase, trading volume beats Toyota
Metaplanet has significantly ramped up its Bitcoin strategy, making substantial new purchases. This shift in approach is reflected by a sharp increase in trading volume, which has now surpassed that of Toyota. The company is continuing its strategy of accumulating Bitcoin at a time when the digital asset market shows strong momentum. With this latest move, Metaplanet is positioning itself as a prominent player in the cryptocurrency space, capitalizing on both Bitcoin's rising demand and a broader increase in market activity.
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Disclaimer
This research is for informational use only. This is not investment advice. Other than disclosures relating to Secure Digital Markets this research is based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. The information, opinions, estimates, and forecasts contained herein are as of the date hereof and are subject to change without prior notification. We seek to update our research as appropriate.
Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation. The price of crypto assets may rise or fall because of changes in the broad market or changes in a company's financial condition, sometimes rapidly or unpredictably. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations in exchange rates could have adverse effects on the value or price of, or income derived from, certain investments. We and our affiliates, officers, directors, and employees, excluding equity and credit analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives, if any, referred to in this research.
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