April 14, 2025 – New York, NY — In the face of sweeping global tariff changes introduced by President Donald Trump, the crypto market has shown surprising resilience, according to the latest insights from the New York Digital Investment Group (NYDIG).
In an April 11 research note, Greg Cipolaro, Global Head of Research at NYDIG, stated that digital assets have held steady despite growing volatility in traditional financial markets triggered by Trump’s “on-again, off-again” tariff policy announcements.
Trump’s Tariff Spree Shocks Global Markets
On April 2, President Trump announced a comprehensive set of global tariffs, applying levies to virtually all imports. By April 9, his administration revised the strategy, temporarily lowering duties to a baseline 10%—excluding China, which remains subject to tariffs up to 145%. This abrupt policy flip sent ripples through global equity, bond, and currency markets.
Then, on April 13, officials clarified that earlier exemptions for electronics were only temporary, creating further confusion across sectors, especially in global tech.
Crypto Stays Calm Despite Liquidations
According to NYDIG, while major financial markets experienced sharp corrections, crypto remained “relatively orderly.” Liquidation events did occur—particularly on April 6 and 7, following the initial tariff news—but the total amounted to only $480 million, far below levels seen in previous panic-induced sell-offs.
Perpetual futures funding rates remained positive, and Tether (USDT), the market’s most widely used stablecoin, held close to its dollar peg, signaling healthy trading volume and liquidity.
Bitcoin’s Stability Draws Institutional Attention
Bitcoin (BTC) has not been immune to price declines. It is currently trading at $84,730, down 22.5% from its mid-January peak of over $108,000, according to CoinGecko. Still, its volatility has remained lower than other risk assets, positioning it as a potential hedge during policy uncertainty.
Cipolaro noted that Bitcoin’s more consistent behavior is making it appealing to risk parity funds—portfolios that balance allocations based on volatility rather than asset class.
“Perhaps investors are increasingly searching for value stores not tied to sovereign governments,” Cipolaro wrote. “This could explain Bitcoin’s buoyancy amid macro shocks.”
Analysts Warn of Bearish Indicators
While NYDIG remains optimistic, others urge caution. Ruslan Lienkha, Chief of Markets at YouHodler, pointed to a potential “death cross” forming in both Bitcoin and the S&P 500, a technical pattern where the 50-day moving average dips below the 200-day moving average—a classic bearish signal.
Lienkha stated that unless a clear macro catalyst emerges, markets may struggle to regain upward momentum in the medium term.
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