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The U.S. March unadjusted CPI year-over-year dropped to 2.4%, down from 2.8% last month and below the 2.6% market expectation. While this signals cooling inflation, the market reaction has been muted.
How will this impact the Fed rate cut expectations and the crypto market? Share your thoughts with #CPIDataComing for a chance to win a $50 reward!
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The "shocking" move as markets experience an earthquake from Bitcoin.
While the new tariffs announced by Donald Trump have caused chaos in traditional financial markets, the expected sharp drop in Bitcoin did not occur.
Bloomberg ETF expert James Seyffart said, "I was really surprised that Bitcoin stayed above 80k during such a large wave of selling." This is because shares of Tesla, one of the largest companies in the U.S., fell by 9 percent, and shares of chip maker Nvidia fell by 7 percent. Gold, which is considered a traditional safe haven, also lost 2.3 percent in value.
"Companies like Marathon, GameStop, and Strategy may be preventing the price from getting dumped by purchasing Bitcoin," Seyffart said, reminding that GameStop plans to create a Bitcoin reserve of 1 billion 500 million dollars, following in the footsteps of Michael Saylor. Strategy also made a Bitcoin purchase of 1 billion 900 million dollars recently.
Bitcoin, which has often moved in tandem with technology stocks in history, behaving independently this time has strengthened the thesis of 'digital gold' among investors. Cryptocurrency analyst Dennis Porteaux stated, "For the first time, I see Bitcoin moving in such a different direction compared to the worst 10 days of the S&P 500."
Chris Burniske, a recognized investor in the cryptocurrency ecosystem, emphasized the need for caution, stating that "Bitcoin's better performance compared to Nasdaq may be due to Treasury purchases."
Published: April 5, 2025 12:12