Macroeconomic expert Lawrence McDonald pointed out that under such intense volatility, top cryptocurrencies have never demonstrated such strong stability.
Key Points:
- Bitcoin surged to $86,800, with a 24-hour increase of 2.3%, forming a sharp contrast with traditional market trends
- CoinDesk 20 Index rose 1.17%, but mainstream crypto concept stocks and mining stocks slightly declined
- Analysts believe Bitcoin's resilience may signal a transformation towards a safe-haven asset
While US stocks fell to low levels during the Easter holiday due to tariff issues, Bitcoin (BTC) was moving strongly against the trend. This top cryptocurrency rose 2.3% in the past 24 hours, reaching $86,800 for the first time since April 3rd (the day after the Trump administration announced new tariff policies). Led by Bitcoin, the CoinDesk 20 Index, which measures the overall market, rose 1.17% during the same period, with most token prices remaining relatively stable.
Crypto concept stocks performed steadily: Coinbase (COIN) and MicroStrategy (MSTR) declined by 1.2% and 1.3% respectively, while Bitcoin mining stocks like Marathon Digital (MARA), Riot Platforms (RIOT), and Core Scientific (CORZ) fell between 2%-3%.
The crypto market's resilience is particularly noteworthy, as the S&P 500, Nasdaq, and Dow Jones indexes fell 3.35%, 3.5%, and 3.27% respectively, dropping back to levels from two weeks ago when tariff concerns were high. Gold rose 2.9% to $3,400, while the US Dollar Index (DXY) fell to a three-year low.
"Is today's simultaneous rise of Bitcoin and gold merely holiday market noise, or a significant signal of Bitcoin's transformation into a safe-haven asset? The latter would mark a fundamental shift in traditional finance's perception of Bitcoin," noted an analyst from crypto trading company QCP Capital. "Since European markets are still closed, market confirmation may require more trading days. The correlation between Bitcoin, gold, and stocks is worth close attention."
Lawrence McDonald, former Head of US Macro Strategy at Societe Generale, believes now might be the time to sell gold and buy Bitcoin. He posted on X platform: "At a VIX volatility index near 30, Bitcoin has never shown such strong resistance to decline," and described this resilience as a "game-changer". "This indicates both a maturing Bitcoin market sentiment (which is positive) and the enormous pressure facing the fiat currency system."
BTC vs. SPX (CoinDesk)
The weakness of US stocks and the US dollar may stem from investors' concerns about Trump's attempts to fire Federal Reserve Chairman Powell. Earlier on Monday, the US President continued pressuring Powell on Truth Social, calling him a "major failure", causing the already volatile stock market to further decline. Trump demanded Powell's team "immediately" lower interest rates, claiming that inflation is "almost non-existent" and several costs are dropping, while warning of economic slowdown risks if the Federal Reserve does not take action.
Powell's term began with his appointment during Trump's first presidential term and will continue until May 2026, but Trump has been seeking legal avenues to dismiss the Fed Chairman early. Powell has previously emphasized that, according to the law, the US President does not have the right to remove him from office.
