US Stock Market Plummets Under Trump's Pressure After 4-Day Holiday, BTC Defends 87K, Gold Reaches All-Time High
BTC Maintains 87K Amid US Stock Market Crash... Gold Hits Record High
Foreign Media: "BTC Begins to Emerge as Hedging Asset Alongside Gold"
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On the 21st, the US stock market crashed due to conflicts between Trump and the Federal Reserve (Fed).
On the 21st, President Trump posted on his social media 'Truth Social' saying, "Mr. Too Late, a major loser, if interest rates are not lowered, there could be an economic slowdown." This was a message pressuring Fed Chair Jerome Powell to lower interest rates.
After a 4-day holiday since Good Friday on the 18th, the US stock market opened and plummeted due to anxiety from conflicts between Trump and the Fed. The Dow Jones Industrial Average, S&P 500, and Nasdaq each fell by approximately 2.48%, 2.36%, and 2.55%.
Despite the US stock market crash, Bitcoin rose about 2.6% on the 21st and maintained levels between $87,000 and $88,000.
Some voices suggest that Bitcoin's 'good performance' indicates it is now following gold's trend as a 'digital gold'. Gold also reached a record high of $3,430 per ounce on the 21st.
Cryptocurrency media Cointelegraph stated, "Bitcoin is mimicking gold's upward trend" and "While the US stock market sharply declined, Bitcoin rose following gold."
Experts point out that the reason for Bitcoin's rising trend is that it is beginning to be considered a hedging asset for global macroeconomic uncertainty, alongside gold. Cointelegraph noted, "As the US stock market continues to decline, the view of Bitcoin as a safe asset or inflation hedging asset is increasing" and "If this trend continues, Bitcoin could gain a new role."
Singapore cryptocurrency exchange QCP Capital explained, "Demand for Bitcoin as a hedging asset will lead the recovery from recent Bitcoin spot ETF outflows in the US" and "In fact, net inflows for US Bitcoin spot ETFs have begun to turn since last week."
Reporter Seung-won Kwon ksw@blockstreet.co.kr
