On Monday, the Nasdaq index fell 3.5% during trading, the S&P 500 index fell 3.3%, and the Dow Jones index fell 3.2%; the dollar index has consecutively fallen below 100, 99, and 98 points; gold prices surged by 3% to $3,430 per ounce. Bitcoin briefly aligned with gold's safe haven narrative on Monday. Trump continues to criticize Fed chair Powell, saying: 'Mr. Late' (Powell); a major loser, should cut rates now; Powell is always late; if Powell knew what he was doing, rates would have been cut long ago.

Returning to the main topic:

The European Central Bank (ECB) report predicts that the digital euro will replace some circulating banknotes, fundamentally changing how Europeans use money, and bank deposits will also be affected. Europe is actively promoting the digital euro in response to the rise of dollar stablecoins and other cryptocurrencies. ECB Executive Board member Fabio Panetta emphasized: The digital euro will curb the expansion of these de-banking solutions, which is precisely why we need it. The Texas House of Representatives will hold a public hearing on the (BTC Strategic Reserve and Investment Act) on April 23. The (Strategic Digital Asset Reserve Act) (abbreviated SB 1373) in Arizona has passed the House committee. Currently, the bill still needs to undergo three readings and a full vote before it can be sent to the governor for final approval. Coinmarketcap data shows the market is slightly warming, with the altcoin season index rising from a recent low of 14 on Trump's tariff day to 18, but still significantly lower than the March average of 32 and the February average of 43. Japanese listed company Metaplanet Inc. announced an increase of 330 BTC, now holding a total of 4,855 BTC. Glassnode data shows that addresses holding more than 1,000 BTC have increased from 2,037 at the end of February to 2,107 on April 15, nearing the levels of November to December 2024; addresses holding less than 10 BTC continue to decrease.

Cynthia Lummis, the sponsor of the U.S. (BTC Strategic Reserve Act) and head of the Senate Banking Committee on Digital Assets, stated: If the U.S. government purchases BTC using the book value of gold certificates calculated according to 1974 standards, it could reduce national debt by half in 20 years without needing additional taxpayer funds to buy BTC. The Kobeissi Letter analyzes that gold has reached its 55th historical high in the past 12 months, and BTC has officially joined the rally, with prices exceeding $87,000. The narratives of gold and BTC as safe havens have aligned for the first time in years, as the dollar weakens and uncertainty looms. Markus Thielen, head of research at 10x Research, stated that BTC rising to $87,000 seems to be driven by a significant drop in the dollar index and a 2% increase in gold, both triggered by news of Trump pushing for a change in the Fed chair Powell, with the real catalyst being market concerns over the Fed's independence. CryptoQuant analyst Crypto Dan noted that the current market is more likely a typical correction rather than entering a full bear market, as previous price increases were relatively moderate, indicating limited market overheating, which also suggests that downside risks may be manageable. Last week, the U.S. BTC spot ETF saw a cumulative net inflow of $13.7 million. The ETH spot ETF saw a cumulative net outflow of $32.3 million.

Strategy (formerly MicroStrategy) spent $555.8 million to acquire 6,556 BTC from April 14 to April 20, with an average price of $84,785. Strategy founder Michael Saylor stated that according to public data from the first quarter of 2025, more than 13,000 U.S. institutions and 814,000 U.S. retail investors directly hold MSTR. Bitcoin.com reported: The BTC premium rate in South Korea has rebounded to about 2%, indicating strong demand, often signaling a broader price rebound; many analysts view the South Korean premium as an early sign of BTC returning to an upward trend (commonly known as kimchi premium). Trump continues to criticize Fed chair Powell, stating: Many are calling for 'preemptive rate cuts,' most things are trending down, there is actually no inflation unless 'Mr. Late' (Powell); a major loser, should cut rates now; Europe has already cut rates seven times, Powell is always late; if Powell knew what he was doing, rates would have been cut long ago. Economics professor Francesco Bianchi stated that Trump is unlikely to act on the threat to fire Fed chair Powell, but the pressure from his public actions to push for rate cuts will still influence the Fed's decision-making. After Trump's threats last week, the Fed now knows that if a recession occurs, it will be blamed by the public. Analyst Enmanuel Cardozo stated: BTC's movements are closely related to broader monetary policy, and a rate cut by the Fed in May or June may inject more dollars into the system, thereby pushing BTC up.

On Monday, the Nasdaq index fell 3.5% during trading, the S&P 500 index fell 3.3%, and the Dow Jones index fell 3.2%; gold prices surged by 3% to $3,430 per ounce; BTC rose by 2.7%. The dollar index has consecutively fallen below 100, 99, and 98 points. BTC's safe haven narrative on Monday aligned with gold, reaching $88,000, but later fell below $87,000 due to a significant decline in U.S. stock indices. Gold: has risen about 30% so far this year. Matrixport analysis states that a large-scale rally in altcoins requires three liquidity catalysts: a dovish signal from the Fed, growth of stablecoins, or an increase in macro liquidity; the U.S. regulatory risks for BTC have significantly decreased, explaining why its current adjustment period is performing better than in the past. Citibank maintains its expectation of a 125 basis point rate cut by the Fed in 2025, anticipating the next rate cut in June. CME FedWatch data shows a roughly 75% probability of a Fed rate cut in June, indicating market bets that the Fed may shift to an easing policy in the summer. After a long wait, BTC has finally been influenced by the surge in gold prices while being affected by the drop in U.S. stock indices. At the start of this week, BTC's safe haven narrative aligned with gold's, driven by a weak dollar and uncertainty in U.S. bonds, stimulating market demand for dollar hedging. Many analysts are watching whether BTC and altcoins have hit the bottom at this stage, transitioning to the next narrative of the Fed starting to cut rates in June, with current rate cut bets around 75%. Trump continues to criticize Fed chair Powell, shifting blame for the decline in U.S. stock indices and the risks of a U.S. recession onto Powell, making him aware of the pressure to cut rates. Hope to return to the main narrative of rate cuts in June, entering the next narrative.