Bitcoin shows resilience as stocks and gold falter
Bitcoin (CRYPTO:BTC) has demonstrated signs of resilience amid global market turbulence following U.S. President Donald Trump’s sweeping trade tariffs.
While major stock indices and gold futures declined, Bitcoin rebounded slightly, rising nearly 1% to trade around $79,000 as of April 7, according to Binance Research.
The tariffs, which impose levies of at least 10% on imports from 57 countries, have sparked fears of a prolonged trade war, causing the S&P 500 and Nasdaq to drop over 10% since April 2.
Gold futures also fell by 1.5%, while Bitcoin has outperformed the broader cryptocurrency market, which is down by approximately 25%.
Binance Research highlighted Bitcoin’s growing supply of long-term holders as evidence of market conviction despite recent volatility.
“BTC has shown some signs of resilience, holding steady or rebounding on days when traditional risk assets faltered,” the report noted.
However, Bitcoin’s correlation with gold remains low at 0.12 over the past 90 days, indicating limited alignment with the precious metal’s safe-haven statu
Instead, Bitcoin shows a closer correlation with equities at 0.32.
Analysts suggest that Bitcoin may still have room to reassert its independence from traditional asset classes.
Despite Bitcoin’s performance, gold remains the preferred safe-haven asset among fund managers during times of uncertainty.
A survey cited by Binance revealed that 58% of respondents favored gold over Bitcoin in a trade war scenario, compared to just 3% for Bitcoin.
Market participants are closely watching whether Bitcoin can strengthen its narrative as a non-sovereign asset in a protectionist global economy.
“Much could hinge on BTC’s ability to reassert its safe haven narrative,” Binance stated.
At the time of reporting, the Bitcoin (BTC) price was $79,946.31.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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