What to know:
- Bitcoin is currently playing hard to get at the $80,000 mark while markets are having a meltdown thanks to the Trump tariff plan. Who knew tariffs could be so romantic? 💔
- Bitcoin’s recent tumble is like a bad date that reminds us of its close ties to traditional risk markets. But hey, maybe investors will soon start to see it as a shiny store-of-value asset, according to LMAX’s Joel Kruger. Or maybe not. 🤷♂️
- JPMorgan, however, is waving a big red flag, suggesting that gold is still the prom queen of safe havens, leaving Bitcoin to sulk in the corner. 🥀
Since President Trump’s tariff announcement on Wednesday evening, Bitcoin (BTC) has taken a nosedive of over 5%. It seems the bulls who were singing its praises as a safe haven are now left with a sad, empty wallet.
Or maybe they’re just on a break.
“This moment feels like a turning point,” said Joel Kruger, LMAX Group market strategist, probably while sipping a latte. “We see market participants increasingly drawn to [BTC’s] appeal as a store-of-value asset and a compelling diversification tool amid the uncertainty.” Sounds fancy, right?
Kruger also pointed out that while the Nasdaq and S&P 500 are tumbling to new 2025 lows, Bitcoin is valiantly holding above its year-to-date bottom of $75,000 — what the cool kids call “higher lows.” 🎢
But not everyone is convinced. Javier Rodriguez Alarcon, chief commercial officer at crypto exchange XBTO, is shaking his head.
“Despite the chatter that Bitcoin could be a hedge against dollar-centric volatility, we’re still seeing it dance hand-in-hand with broader risk markets during uncertain times,” the ex-Goldman Sachs executive lamented in an email.
Gold still the preferred safe haven at JPMorgan
“Bitcoin’s volatility and correlation with equities raises questions over its ‘digital gold’ narrative,” said Nikolaos Panigirtzoglou and his team at JPMorgan yesterday, probably while polishing their gold bars. “We see gold continuing to rise as the major beneficiary of the debasement trade,” they added, as if Bitcoin were just a passing fad.
Even with Bitcoin’s recent pullback, it’s still above the bank’s estimated average cost of production of $62,000, which has acted as a lower boundary in the past. So, it’s not all doom and gloom!
Meanwhile, gold is down just 1.25% to $3,126 per ounce, still eyeing its record high of around $3,200 like a jealous ex.
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2025-04-03 19:34