US stocks staged a "cat jump", Bitcoin once surged to 85K

The US stock market finally saw a strong rebound yesterday. The University of Michigan consumer sentiment data showed that the US consumer confidence index plummeted from 64.7 in February to 57.9 in March 2025. But for the market, any day without Trump's tariff rhetoric is a good day. The cryptocurrency market rebounded along with other risk assets. Bitcoin briefly surged to $85,309 last night, and the top 10 cryptocurrencies by market cap, except for TRX, saw gains of 1.4% to 7.4% in the past 24 hours.

No news is good news, US stocks perform a 'scared-cat bounce'

The stock market rebound has temporarily calmed the nerves of stock investors, but the consequences of Donald Trump's political tactics continue to shake global markets and make American consumers uneasy. Due to the consensus reached by government leaders on a massive national defense spending plan, German bond yields have soared, and the ultimate safe-haven asset - gold - has broken through $3,000 for the first time.

(Investment banks raise gold price targets, Peter Schiff: Sell Bitcoin, buy gold)

The S&P 500 index rose 2.1%, the largest gain since the November presidential election, but still fell for the fourth consecutive week, the longest consecutive weekly decline since August last year.

The consumer sentiment data released on Friday showed that the US consumer confidence index plummeted from 64.7 in February to 57.9 in March 2025, the lowest since November 2022.

Yardeni founder Ed Yardeni described yesterday's rebound as a 'scared-cat bounce':

For the market, any day without Trump's tariff rhetoric is a good day. The market also rose due to concerns that a government shutdown would not occur. Until we see the stock market rise on the day or days when Trump again loudly proclaims tariffs, we will be more inclined to believe the stock market has hit bottom.

Bitcoin briefly surged to 85K

The cryptocurrency market rebounded along with other risk assets. Bitcoin briefly surged to $85,309 last night, rising over 3% in 24 hours. Bloomberg ETF analyst Eric Balchunas believes that despite a painful 25% drop, over 95% of Bitcoin ETF inflows remain strong, with baby boomers demonstrating how they can paddle like ducks. He stressed that this is not stupid money, but the creation of wealth. These people have not chosen to opt out, the US stock market is still their main investment, and Bitcoin is like a 1-2% spicy sauce that can make life more interesting and heal the potential for future FOMO.

(Retail investors continue to buy the dip, has the market not yet bottomed, is the 'retail contrarian indicator' still effective?)

The top 10 cryptocurrencies by market cap, except for TRX, saw gains of 1.4% to 7.4% in the past 24 hours.