What You Need to Know
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Market Overview
The cryptocurrency market is experiencing a downturn as investors brace for President Donald Trump’s upcoming tariffs, set to be enacted on April 2, alongside pivotal economic data expected later today.
- Bitcoin (BTC) has decreased by 2.5% within the last 24 hours.
- Ethereum (ETH) has seen a nearly 6% drop, while XRP and Dogecoin (DOGE) have respectively declined by 5.5% and 7%.
- In stark contrast, the price of gold has soared to new record levels.
The shift towards safer assets, particularly gold, has resulted in an increase in the market capitalization of gold-backed tokens, which the latest CoinDesk Data report indicates has reached $1.4 billion this March.
Investors appear to be wise to reduce risk exposure amid looming concerns over inflation and its impact on Federal Reserve policy decisions.
Anticipating Market Movements
Traders of Bitcoin are closely monitoring an anticipated record $12.2 billion in BTC options expiring today. Despite the large scale of these expirations, industry experts suggest that the market may not be greatly affected.
