The traditional financial market has been rocked by a major bear trend, which has been fueled by President Donald Trump’s tariff hikes. As a result, the stock market has recorded massive losses over the past weeks. On the flip side, the crypto market has managed to stay afloat, with the leading cryptocurrency Bitcoin outpacing stocks on multiple occasions.
As David Duong, the Head of Research at Coinbase Institution, observed in a recent interview with Ash Bennington, the trend kicked off on Liberation Day, after April 2nd.
As Juong is quoted as saying;
“Stocks were trading down like 4 to 5 Standard Deviations lower. Whereas Bitcoin was moving maybe one and a half Standard Deviations Lower. And it happens not just for one day, but for several.”
The development further suggests that Bitcoin, a somewhat volatile asset, has managed to maintain stability through the ongoing market chaos.
“So you’re seeing that really from a risk-adjusted perspective, crypto in general and Bitcoin specifically is actually doing a lot better than we’ve been seeing inside traditional assets,” Juong observed.
Bitcoin forges ahead as bulls prepare to test the $100,000 price mark
The big bull has remained on course, with bullish momentum sustained over the past week, propelling bulls to attempt to reclaim the $100,000 price level.
Data from Glassnode shows that Bitcoin has successfully tapped $97,900, a price level last seen two months ago.
The rebound in Bitcoin’s price has strengthened investors’ confidence, bolstering optimism amongst market participants ahead of the coming days.
Noticeably, week-on-week data shows that over 3 million BTC have returned to profit. At press time, Bitcoin is at $99,159, with daily gains of 2.63%.
