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So much for any hope around an altcoin resurgence.
Unfortunately, as folks have taken risk off the table in the wake of the tariffs, they’ve also moved further away from altcoins.
Source: Binance
Since the announcement, liquidity “for the top ten altcoins and ETH decreased by 12% and 8%, respectively, indicating a more cautious stance,” Kaiko Research noted.
Looking at the correlation of bitcoin, the S&P 500, and gold
While CT initially hoped that crypto would be protected from tariffs, that doesn’t seem to be the case, and the correlation is definitely back. However, while equities continue to grapple with the potential impacts of a trade war, folks over in crypto don’t have to deal with the same level of panic.
I have a feeling we’re just going to continue assessing market conditions this week, but it hasn’t seemed to change the rather bullish stance folks in crypto have adopted despite the doomposting over on CT.