On April 2nd, according to CoinDesk, cryptocurrency prices are being influenced by an increasing correlation with traditional assets like stocks and bonds, which are impacted by macroeconomic uncertainty. Tariffs - additional fees imposed by the United States on imported goods - have made Wall Street worried about a global economic recession. Cryptocurrency investors are avoiding crypto assets considered relatively high-risk. Marc Ostwald, chief economist and global strategist at ADM Investment Services International, stated: "This is all about the market's 'risk appetite', which continues to deteriorate, currently creating a divergence between crypto assets and gold, with gold remaining the preferred 'safe haven'."
Moreover, former Goldman Sachs macroeconomist Pandl believes that tariffs will increase demand for non-dollar currencies. He also thinks tariffs will weaken the dollar's dominance, creating space for competitors including Bitcoin. While prices have decreased in the short term, the Trump administration's early months have made him more confident about Bitcoin's long-term prospects as a global monetary asset. Despite the current market's pessimistic attitude towards prices, Pandl still believes Bitcoin will set a new historical high this year.
