The leading cryptocurrency Bitcoin and the cryptocurrency market were affected by the strong selling wave in the global markets, and stocks experienced sharp declines along with the dollar.
While these declines were driven by US President Donald Trump's announcement of bilateral customs tariffs with 185 countries, including China, last week, Binance evaluated the recent declines.
Binance Research, Binance's research arm, said in its latest report that Bitcoin has shown resilience despite the sharp market sell-off.
Bitcoin (BTC) Remains Strong!
Bitcoin is showing signs of resilience as global markets react to President Trump's sweeping tariffs, according to a report from Binance Research.
Since Trump announced the tariff rates on April 2, major U.S. stock indexes, including the S&P 500 and Nasdaq, have fallen more than 10%.
While Bitcoin has fallen more than stocks in terms of percentage, down about 12%, it has held up better than the overall market value of cryptocurrencies, which are down about 25% since April 2, according to Binance.
“Even after the recent tariff announcements, BTC has shown some signs of resilience by holding steady or rallying on days when traditional risk assets have weakened.
Now, with the announcement of bilateral tariffs and global markets adjusting, BTC's safe haven narrative may re-emerge.”
Gold is Still the Most Preferred!
Binance recently compared Bitcoin to its arch-rival gold. At this point, Binance stated that gold has historically been considered the safest haven asset in times of extreme macroeconomic uncertainty, and that Bitcoin's correlation with gold is low, hovering around an average of 0.12 over the last 90 days.
Binance added that although gold futures are down, gold is still preferred over Bitcoin by fund managers as a safe haven asset during times of uncertainty.
At this point, Binanec also shared the results of its survey and stated that 58% of the survey participants would prefer to hold gold, while only 3% preferred Bitcoin.
*This is not investment advice.
