Bitcoin and other top cryptocurrencies saw modest gains despite President Trump's new tariffs, while crypto products attracted $1.3 billion in inflows. Strategy's aggressive Bitcoin purchase plan could help buoy prices.
Bitcoin, Ethereum , XRP, and other leading cryptocurrencies experienced modest gains on Monday despite escalating global trade war anxieties sparked by President Donald Trump's implementation of new tariff laws. Investors displayed resilience, as crypto products garnered $1.3 billion in inflows, capitalizing on recent market declines. Notably, Strategy, a prominent Bitcoin-focused firm, resumed its aggressive Bitcoin purchase strategy, acquiring an additional 7,633 BTC for $742 million.
This move could potentially bolster Bitcoin prices amidst rising trade tensions. The crypto market demonstrated a slight recovery from a weekend dip, mirroring the performance of traditional stock markets like the S&P 500. This correlation between crypto and stocks is becoming increasingly evident, as the S&P 500 also saw minor gains. Despite the escalating trade war tensions, fueled by President Trump's announcement of new tariffs, including reciprocal tariffs and a 25% tariff on aluminum and steel, investors continued to show confidence in the crypto market. In 2018-2019, the S&P 500 experienced declines of over 2.5% following similar tariff announcements. However, the current market response suggests a potential decoupling from the past, with the crypto market displaying resilience. Strategy's renewed Bitcoin buying spree, following a temporary pause in late January, could contribute to this positive sentiment. The firm's acquisition of 7,633 BTC at an average price of $97,255 could provide a significant support for Bitcoin's price during this period of uncertainty.Last week, crypto products witnessed a substantial influx of $1.3 billion, marking a fifth consecutive week of inflows for digital asset exchange-traded funds (ETFs). Bitcoin ETFs attracted $407 million in inflows, representing 7% of its total market capitalization. This highlights the remarkable growth of Bitcoin ETFs since their approval in January. Ethereum ETFs emerged as the star performers, securing $793 million in inflows, indicating renewed investor optimism. This marks the first time this year that Ethereum ETFs have surpassed Bitcoin in terms of inflows, as investors sought to capitalize on the recent market dip. XRP and Solana ETFs also witnessed inflows of $21 million and $11 million, respectively, demonstrating a broader trend of positive momentum across the crypto market.
CRYPTOCURRENCY BITCOIN ETHEREUM TRADING TARIFFS INVESTORS MARKET TRENDS
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