Bitcoin’s price has returned to positive territory for the year, adding less than 1% in the past 24 hours, as investors question the durability of the U.S.’s role as the global financial anchor.
Bitcoin Price Returns to Positive for the Year
Bitcoin’s price has returned to positive territory for the year, adding less than 1% in the past 24 hours. The cryptocurrency rose 0.75% in the past day, turning positive for the year and decoupling from traditional risk assets as investors questioned the durability of the U.S.’s role as the global financial anchor.
Bitcoin's price has been known to fluctuate significantly, with a single day's trading range often exceeding $1,000.
This volatility is due in part to the cryptocurrency's limited supply and high demand.
According to data from CoinMarketCap, Bitcoin's average daily trading volume is over $10 billion.
Additionally, the lack of regulation and oversight in the cryptocurrency market contributes to price instability.
Market Trends
The broader market, measured through the CoinDesk 20 index, rose 2.2%. Stock-index futures in the U.S. are pointing to a slight drop, while gold fell over 1% with investors likely taking profit from the precious metal’s 25% year-to-date rally. Equities endured a sell-off after China denied talks with the U.S. to reach a tariff deal.
Bitcoin’s Appeal as a Safe Haven
Bitcoin has acted less like a liquid levered version of levered US equity beta and more like the non-sovereign issued store of value that it is, according to NYDIG‘s report. The cryptocurrency’s longer-term correlation to U.S. equities remains high, but its short-term price action points to a market starting to treat BTC less like a tech stock proxy and more like a non-sovereign safe haven.
Bitcoin has gained popularity as a safe-haven asset, similar to gold.
Its limited supply and decentralized nature make it an attractive store of value during economic uncertainty.
According to a study by the World Gold Council, 12% of investors consider Bitcoin a safe-haven asset.
The cryptocurrency's price tends to move inversely with traditional assets like stocks and bonds.
This inverse correlation makes it an appealing diversification option for investors seeking to reduce risk.
Options and Futures Data
Options and futures data suggest bitcoin’s rally, which saw it rise 9% last week, is still in its early stages. Funding rates for offshore perpetual swaps only recently turned positive, and call overwriting remains more popular than aggressive bullish positioning.
Bitcoin's price is influenced by supply and demand, with fluctuations driven by market sentiment.
Factors such as global economic conditions, regulatory changes, and adoption rates contribute to its value.
The cryptocurrency's limited supply, capped at 21 million coins, can lead to increased demand and higher prices.
Additionally, technical analysis of charts and indicators helps predict price movements.
Historical data shows that Bitcoin's price has experienced significant volatility, with periods of rapid growth followed by sharp declines.
Token Events
Uniswap DAO will vote on establishing a licensing and deployment framework for Uniswap v4 to accelerate its adoption across multiple chains. The proposal grants the Uniswap Foundation a blanket exemption to deploy v4 on any DAO-approved chain and gives the Uniswap Accountability Committee authority to update deployment records.
Macro Events
Mexico’s National Institute of Statistics and Geography releases March unemployment data, while the European Central Bank (ECB) releases eurozone March M3 money supply data. The U.S. Bureau of Labor Statistics releases March JOLTs report, which includes job openings, hires, and separations.
Token Launches
Sign will be listed on Binance, BingX, BitMart, Bitget, KuCoin, Gate.io and others on April 28. Snek will be listed on Kraken on the same day. Binance will delist Alpaca Finance (ALPACA), PlayDapp (PDA) , Viberate (VIB), and Wing Finance (WING) on May 2.
ConferencesCoinDesk’s Consensus is taking place in Toronto on May 14-16. Blockchain Disrupt 2025 will be held in Dubai on April 28-29, while Staking Summit Dubai will also take place on the same day.
