Key Highlights
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- Recent trading performance from platform Robinhood indicates a slowdown despite an earnings beat, as tech giants like Microsoft and Meta show resilience.
- Robinhood reported a doubling in crypto-related revenue compared to the same quarter last year, hinting at upcoming key indicators as companies like Block, Riot Platforms, Strategy, and Reddit prepare to disclose their earnings.
“The recent wave of weak macroeconomic data has pointed to both recessionary risks and rising inflation,” — James Butterfill, Head of Research at CoinShares.
“Despite this, Bitcoin has shown remarkable resilience, outperforming the Nasdaq by 11% since ‘Liberation Day’ on April 2.”
The impact of President Donald Trump’s trade tariffs is becoming more evident as the U.S. economy experiences its first contraction in three years, resulting in the worst start for a new presidential administration’s first 100 days since 1974.
Amid economic pressures, Bitcoin (BTC) has performed sturdily, gaining nearly 15% in April as investors regard it as a reliable asset, alongside gold and the Swiss franc.
What to Watch
- Crypto Updates:
May 1: Coinbase Asset Management will introduce the Coinbase Bitcoin Yield Fund aimed at non-U.S. investors.
May 1: Hippo Protocol launches its own layer-1 blockchain mainnet, transitioning from Ethereum’s ERC-20 HPO token.
Market Performance
- BTC is currently valued at $96,305.26, showcasing a 1.76% increase.
- ETH has risen to $1,838.40, marking a 2.37% growth.
