Bitcoin is demonstrating resilience amid a global market sell-off triggered by US President Donald Trump's recent tariffs on imports. According to Binance Research, Bitcoin saw a slight increase of nearly 1%, reaching almost $79,000, while major stock indices such as the S&P 500 remain flat and gold futures are down about 1.5%. Despite Bitcoin's 12% decline since the tariffs were announced, it has outperformed the broader cryptocurrency market, which has dropped around 25%. The report highlights a growing supply of long-term Bitcoin holders, indicating increased conviction among investors. Historically, Bitcoin's correlation with gold is low, averaging around 0.12, compared to a 0.32 correlation with equities. Yet, it is suggested that Bitcoin may still establish a more independent macro identity. Currently, gold remains the favored choice among fund managers as a safe-haven asset, with a notable preference for gold over Bitcoin during economic uncertainties, as indicated by a recent survey. The market is closely monitoring Bitcoin's position as a non-sovereign, permissionless asset in an increasingly protectionist global economy.

Source 🔗