President Donald Trump’s unveiling ceremony brought a US equity market wipeout of $5.4 trillion in just two days as the S&P 500 index fell to its lowest level in 11 months and the Nasdaq 100 entered the territory of Bear Market.
However, amidst the chaos, cryptocurrency prices have shown elasticity, with Bitcoin (BTC) down about 6% as tariffs were announced, compared to the Nasdaq’s 11% drop. The broader crypto market, measured by the Coindesk 20 (CD20) index, fell by about 4.9% over the same period.
According to data from TheTie, Crypto’s market capitalization is around $2.65 trillion, in order to keep the sell-out figures in sight. Over the past 24 hours, Bitcoin has dropped by 0.3% to $82,619.77, while the broader CD20 has risen by about 0.2%. Most crypto stocks also fell in the market closure on Friday, but they actually rose.
Bitcoin Miner Mara Holdings (Mara) rose 0.6%, while Core Scientific (Corz) saw an upward movement of 0.4%. Strategy (MSTR), the largest corporate holder of Bitcoin, with 528,185 BTC on its balance sheet, rose 4%. On Friday, it fell sharply by 5.8%.
Cryptocurrency prices may remain resilient. Given their traditional investment products, including exchange trade funds (ETFs), and their accessibility, including their performance, they could “help as Tradfi hedges,” according to Geoffrey Kendrick of Standard Chartered.
“I think we can add a ‘Us Isolation’ hedge to our Bitcoin usage list over the last 36 hours,” Kendrick wrote in an email dated April 4th to a chart showing that among the 7 epic shares, only Microsoft surpassed BTC during the sale.
It also comes with resilience when the crypto community celebrates the birthday of Nakamoto, creator of Bitcoin. The date is based on the profile of a Bitcoin creator with a P2P foundation.
The dates you guess are not authentic, instead symbolic. It coincides with the anniversary of Executive Order 6102, signed by President Franklin D. Roosevelt on April 5, 1933. The order required Americans to direct their money towards the Federal Reserve.
Read more: Bitcoin begins to separate from the Nasdaq as US stocks collapse