Bitcoin’s price remains stable around $95,000 as investors await key economic data this week. Ethereum and Solana have experienced slight declines. Significant reports on job openings and inflation are expected, which could impact the market amid ongoing trade negotiations, particularly with China. Wall Street is seeing minor gains, while analysts suggest Bitcoin may not react sharply but is still perceived as a risk asset in the short term.
Bitcoin’s momentum appears to have stalled, hovering around $95,000 on Monday. Investors seem to be holding their breath for updates on trade negotiations that could affect the market. With key economic data on the jobs market and inflation set to drop this week, it’s a critical time for the crypto space. As of the last figures from CoinGecko, Bitcoin was trading at roughly $94,800, marking a small, 0.4% rise over the past day. Meanwhile, other coins like Ethereum and Solana saw marginal declines, slipping 0.5% and 1%, sitting at $1,800 and $149 respectively.
U.S. Treasury official Scott Bessent mentioned that the administration is crafting specific deals with 18 major trading partners in an interview with Fox News, but the next move is on China’s part. He was careful to note that outcomes rely on China, suggesting future talks might ensue. While President Trump claimed ongoing discussions with Chinese President Xi Jinping, a spokesperson from China’s Foreign Ministry asserted that there are no current negotiations regarding tariffs.
Although a 90-day delay on Trump’s “reciprocal” tariffs was announced a few weeks back, the real impact of these tariffs on businesses and consumers could soon be reflected in the economic data rolling out. Expect a report from the U.S. Bureau of Labor Statistics on job openings, likely indicating a decrease for March, while inflation figures from the Bureau of Economic Analysis are anticipated to show a modest 0.4% monthly rise.
According to analysts at Wintermute, a crypto market maker, the upcoming job and inflation reports might engage the crypto sector. They hinted that if the inflation threat from Trump’s tariffs doesn’t worsen the economic picture, there could be revitalized market activity. With Trump hinting at potentially pulling back on tariffs, the analysts are optimistic that positive macroeconomic indicators might invigorate the markets.
On Wall Street, shares were mixed but slightly up, with the S&P 500 gaining 0.2% and the tech-heavy Nasdaq inching higher by 0.05%. Gold, typically a safe haven during economic uncertainty, rose 1.8% to about $3,350 per ounce, remaining below its recent highs.
Bitcoin’s correlation with risk assets like U.S. stocks looks to persist for the time being, although there are signs it could diverge. Greg Magadini, a director at Amberdata, thinks that while Bitcoin is viewed as a risk asset now, it might eventually be seen as a digital gold—a hedge against the dollar amidst ongoing economic uncertainty. He stated, “For now, crypto’s been trading as a risk asset, but ultimately I predict Bitcoin will transition to more of a digital gold status soon enough.”,
