Bitcoin is still down more than stocks — about 12% — but has held up better than crypto’s overall market capitalization, which is down roughly 25% since April 2.“Now, with reciprocal tariffs emerging and global markets adjusting to the prospect of prolonged trade fragmentation, much could hinge on BTC’s ability to reassert its safe haven narrative,” the report said. Source: Binance ResearchRelated: Crypto stocks down, IPOs punted amid tariff tumultChanging asset correlationsBitcoin’s correlation with gold — historically considered the ultimate safe haven asset during times of extreme macroeconomic uncertainty — has been low, averaging around 0.12 over the past 90 days, Binance said. The cryptocurrency has a closer correlation with equities of 0.32.
However, “despite short-term swings, BTC may still have room to reassert a more independent macro identity,” according to the exchange. “The key question is whether BTC can return to its long-term pattern of low correlation with equities,” noted the report. Source: Binance ResearchFor now, gold appears to be the preferred safe haven asset among fund managers, Binance said. It cited a survey in which 58% of respondents said they would prefer to hold gold during a trade war versus only 3% for Bitcoin. “Market participants will be watching closely to see if BTC is able to retain its appeal as a non-sovereign, permissionless asset in a protectionist global economy,” Binance said.
Meanwhile, the S&P 500 — an index of large US stocks — is essentially flat and front-month gold futures are down around 1.5%, according to Google Finance.“Even in the wake of recent tariff announcements, BTC has shown some signs of resilience, holding steady or rebounding on days when traditional risk assets faltered,” Binance, the world’s largest cryptocurrency exchange, said in an April 7 research report. Notably, Bitcoin’s supply of long-term holders continues to rise, “reflecting conviction and limited capitulation during recent volatility,” Binance said.
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Author / Journalist: Cointelegraph by Alex O’Donnell
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