Overview
Bitcoin (BTC) showed resilience during the U.S. trading hours despite negative macroeconomic news. The cryptocurrency finished the day slightly below $95,000, registering a 0.5% increase over the last 24 hours. The broader CoinDesk 20 index maintained stability over the same period.
Key Points
- Bitcoin remained steady, reversing an initial decline during U.S. trading hours.
- Stocks related to crypto like Coinbase and Strategy faced declines after strong performances last week, while Janover and DeFi Technologies climbed due to strategic accumulation of SOL tokens.
- The Dallas Fed Manufacturing Index plunged to its lowest level since May 2020, significantly below analysts’ forecasts, highlighting growing economic concerns related to tariffs enacted during the previous administration.
Market Impact
As crypto markets fluctuated, gold rose nearly 1%, and the dollar index fell by 0.6%. Both the S&P 500 and Nasdaq indices briefly recovered after originally dropping more than 1%.
The Dallas Fed Manufacturing Index reported a drastic decline from -16.3 to -35.8, startling analysts who anticipated a -14.1 reading. “The current Dallas Fed Manufacturing Survey is extremely poor, reaching its lowest point since 2020,” observed Joe Weisenthal, co-host of the Odd Lots podcast, highlighting concerns regarding tariffs and market uncertainty.
Growing tensions between India and Pakistan are also causing market nerves, exacerbated by claims from Pakistani Defense Minister Khawaja Muhammad Asif about an imminent Indian military action. These geopolitical factors could further impact market stability.
