Bitcoin and select altcoins hold steady even as the threat of a global trade war crushes the stock market.
Bitcoin (BTC) price has managed to stay above the $80,000 level as volatility wrecked US stock markets on April 3 and April 4. The failure of the bears to capitalize on the opportunity shows a lack of selling at lower levels.
Risky assets were rattled after US President Donald Trump announced reciprocal tariffs on several countries on April 2. The fall in the US markets deepened on April 4 after China announced a retaliatory tariff of 34% on all imported US goods starting April 10.
While several market participants are concerned about the near-term impact of tariffs, BitMEX co-founder Arthur Hayes said he loves tariffs since he expects them to be positive for Bitcoin and gold in the medium term.
