Key Highlights:

You are looking at the Crypto Daybook Americas, your daily overview of significant events in the cryptocurrency market. It’s designed to equip you with essential insights to kick off your day.

Bitcoin (BTC) appears stable on Monday, showing a less than 1% increment amid heightened trade tensions and geopolitical instability affecting regions such as the Indian subcontinent, particularly with conflicts brewing between India and Pakistan.

The cryptocurrency achieved a 0.75% rise in the last 24 hours, marking a positive turn for the year as it diverges from traditional risk assets, especially during turbulent economic times. The broader market reflected increases, with the CoinDesk 20 index rising 2.2%.

While stock futures in the U.S. hint at a slight decrement along with a 1% drop in gold prices, some profit-taking is anticipated after the precious metal’s notable rally of 25% for the year-to-date.

Insights from Market Experts:

 

“Bitcoin has reflected less like a leveraged version of U.S. equity beta and more as a reliable store of value,” remarked Greg Cipolaro, Global Head of Research at NYDIG.

The cryptocurrency’s long-term correlation with U.S. equities may persist, but its short-term performance indicates a shift toward being regarded as a safe haven rather than a tech stock.

Data from options and futures point to the ongoing rally in Bitcoin still being in its preliminary stages, with recently positive funding rates encouraging upward momentum.

The report suggests that Bitcoin’s neutrality as an asset is gaining traction, outperforming U.S. Treasuries and gold since the Liberation Day call by President Donald Trump on April 2.

Upcoming Economic Indicators:

• A variety of corporate earnings reports will hit the market this week, alongside crucial economic indicators that may hint at an earlier-than-anticipated interest rate cuts, as urged by Trump.

What to Watch:

• Crypto Events:

  • Enjin Relaychain to ramp up active validator slots on April 28.
  • BNB Chain’s Lorentz hard fork to be activated on April 29.
  • ProShares to roll out three ETFs focused on XRP, poised for launch on April 30.

• Economic Events:

  • Multiple important economic releases this week could affect market dynamics, particularly on consumer spending and income.

Stay tuned for upcoming updates as the market landscape evolves.