On April 3, Trump imposed a 25% tariff on imported cars.
QCP's latest market report emphasizes that geopolitical tensions have escalated following U.S. President Donald Trump's announcement to impose a 25% tariff on imported cars starting April 3.
Trump's tariffs have shaken global markets, and sentiment in the cryptocurrency space remains gloomy.
The decision targets America's major trading partners and is expected to provoke retaliatory measures, adding more uncertainty to global trade.
After the announcement, stock markets in Japan and South Korea generally declined, with automotive stocks experiencing the largest drops. The escalation of trade tensions has increased volatility in traditional markets and spread to risk assets such as cryptocurrencies.
Despite various potential catalysts, sentiment in the cryptocurrency market remains low. GameStop's unexpected plan to raise $1.3 billion for Bitcoin allocations failed to lift overall market enthusiasm.
The only highlight is the continued inflow of funds into Bitcoin ETFs, which have seen a total inflow of $944.9 million since March 14.
In contrast, Ethereum ETFs experienced an outflow of $112.1 million during the same period, highlighting the difference in institutional sentiment towards BTC and ETH.
Bitcoin options expiry and market outlook
Looking ahead, record-breaking $12.2 billion Bitcoin options will expire tomorrow, with the maximum pain price set at $85,000.
Bitcoin has begun to pull back from Monday's highs, with BTC and ETH front-end volatility decreasing by 10 points. Open interest continues to decline, indicating a lack of bullish confidence in the short term.
Investors are currently focused on the Personal Consumption Expenditures (PCE) data to be released tomorrow. QCP analysts believe that short-term upside potential may be limited, as the market may remain cautious until Trump's next steps in the escalating trade war become clear.
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Tonight, I'm going to go into crazy mode!
Bitcoin short at around 87100!
ETH short at around 2300!
SOL short at around 138!
XRP short
Nothing at all, let's see if we can pump up the atmosphere tonight!
