The crypto market has been showing a rare display of restraint in the past 24 hours, with major tokens seeing only slight declines as the broader market (CoinDesk 20 Index) dips by 1.4%. Bitcoin (BTC) remains largely unchanged, hovering just under $95,000. Despite this, April has been a promising month for BTC, with a 15% increase—its most significant gain since November.
But while short-term stability reigns, the underlying sentiment is anything but optimistic. The damage, as Bankinter aptly notes, "has already been done."
The Macro Mood: Uncertainty Rules
The markets are feeling the weight of two major forces: the escalating trade war between the U.S. and other countries, primarily due to President Trump's tariffs, and the expectation that the Federal Reserve might start cutting interest rates sooner than anticipated. While stock prices have rallied this week on hopes of tariff relief and continued rate cuts, this optimism is likely to fade.
Bankinter's analysis suggests that even with potential tariff reductions, the damage to investor confidence has already been significant. As big companies like P&G, UPS, and GM lower or pull their earnings forecasts, it becomes clear that a broader economic slowdown is in play. France's GDP data released today confirmed a worrying trend, with growth driven solely by inventory changes and not by consumption, investment, or exports.
This may bode poorly for the U.S. GDP report set to be released this morning, with some experts predicting a sharp contraction. Against this backdrop, Bitcoin’s impressive performance this year stands out. While the stock market is experiencing its worst 100-day streak under a presidential administration since 1974, BTC continues to rise, positioning itself as a non-sovereign store of value. In fact, according to Greg Cipolaro, global head of research at NYDIG, BTC has acted more like a safe haven asset.
Bitcoin as a Safe Haven Asset
Despite the chaos in traditional financial markets, Bitcoin remains a bright spot. While equities struggle under trade war uncertainty, the demand for Bitcoin has grown, with the cryptocurrency recently decoupling from U.S. stock movements. Investors are increasingly turning to Bitcoin as a hedge. This trend is evidenced by the strong inflows into spot bitcoin ETFs, which saw over $3 billion in inflows this month alone.
Crypto: Key Events and Developments to Watch
ProShares XRP ETFs Launch (April 30, 9:30 AM ET):
ProShares will debut three new ETFs providing leveraged and inverse exposure to XRP—Ultra XRP ETF, Short XRP ETF, and UltraShort XRP ETF. This could ignite interest in XRP trading volumes.
Gnosis Chain’s Pectra Hard Fork (April 30, 10:03 AM ET):
The Ethereum-sister chain will activate the Pectra hard fork on its mainnet, offering new opportunities for staking and governance.
Coinbase Bitcoin Yield Fund Launch (May 1):
Coinbase Asset Management will introduce its Bitcoin Yield Fund (CBYF), targeting non-U.S. investors. This move will further cement Coinbase’s position as a key player in institutional crypto investments.
Hippo Protocol’s Layer-1 Blockchain (May 1):
The protocol will complete its migration from Ethereum’s ERC-20 token to its native HP token, enabling staking and governance features on its own Cosmos SDK-based blockchain.
Solana's HOUSE Token: The Memecoin to Watch
In a fascinating development, Solana-based Housecoin (HOUSE) has skyrocketed, nearly hitting a $100 million market cap. In just 24 hours, the price of HOUSE jumped by 63%, pushing it close to one cent. With a staggering 900% rise over the last three weeks, HOUSE is making waves in crypto circles.
But, as is often the case with memecoins, the asset is a double-edged sword. While its niche popularity and humorous take on the real estate market—where holding HOUSE is seen as possessing actual property—offers speculative trading opportunities, investors must tread carefully. The token is inherently valueless and lacks any real-world backing, making it a high-risk asset in the crypto space.
Derivatives and Market Moves: The Quiet Before the Storm?
Looking at the larger picture, crypto derivatives show a mixed sentiment. Major tokens like PEPE and ADA have negative funding APRs, indicating bearish positioning in these assets. In contrast, tokens like TON, XLM, and XMR have seen funding APRs spike, signaling growing bullish sentiment.
In the wake of Binance's delisting announcement for ALPACA, the token saw a massive short squeeze, resulting in a 550% rally and liquidations of over $55 million in short positions.
What's Next?
Bitcoin is showing slight declines, down by 0.19% at $94,915.28, and Ethereum (ETH) follows suit with a 0.57% drop to $1,805.20. Meanwhile, the broader CoinDesk 20 index has dropped 0.51%, though the market remains volatile and may react strongly to today’s economic data releases.
As for altcoins, Solana has seen a strong breakout but is facing rejection near key technical levels. The 100-day exponential moving average (EMA) at $137 is proving to be a crucial point for bulls, with hopes for a higher low forming.
Key Metrics
BTC Dominance: 64.54%
ETH to BTC Ratio: 0.01902
CME Futures Open Interest (BTC): 134,825 BTC
BTC Price in Gold: 28.9 oz
S&P 500: +0.56%
Gold: Down 1.16%
Bitcoin Hashrate: 837 EH/s
The market may be holding steady for now, but the underlying cracks are beginning to show. Investors should stay alert as the broader economic picture continues to evolve, with potential impacts on both traditional and crypto markets alike.
Stay tuned and keep your eyes on the next big shift.
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April 30, 2025 | By @FaisalCrypto007
