Bitcoin stabilizes amid trade tensions and stock market decline.
Amid the escalating trade tensions between China and the United States, Bitcoin maintained its stability, while stocks continued their sharp decline after their worst session since 2020.
Bitcoin price rose by 1.7% to reach $83,396.89 by the end of trading on Friday, April 4, according to "Coin Metrics" data.
Most major digital currencies also performed positively, with "XRP" and "Solana" rising by 4.22% each, while "Dogecoin" jumped by about 6%.
On the other hand, cryptocurrency company stocks declined, with "Coinbase" losing about 8%, and "MicroStrategy" dropping by over 1%. Gold prices also shrank, with the spot price per ounce falling by 2.6% to $3,038.50, while gold futures in the U.S. market dropped by 2.9% to $3,020.79.
This mixed performance in the markets comes as investors continue to be concerned about the mutual trade actions between Washington and Beijing. China announced a 34% tariff on U.S. imports in response to similar measures announced by U.S. President Donald Trump last Wednesday.
In this regard, James Davis, CEO of "Crypto Valley Exchange," commented: "These tariffs lead to increased costs for American construction companies, which could raise inflation and material prices, prompting a shift of capital and investments towards Asia."
Davis added: "These measures reshape the global trade map away from the United States, reducing reliance on the dollar and affecting financing rates. However, cryptocurrencies remain resilient due to their decentralized nature, benefiting from these shifts, even if their impact on U.S. crypto companies is not yet clear."
