Trump’s Fed Rant: Why Bitcoin Remains Unmoved Amid Market Chaos!

Crypto Daybook Americas: Trump’s Fed Outburst Fails to Jolt <a href="https://tech-oracle.com/btc-usd/">Bitcoin</a>

What to know:

By Francisco Rodrigues (All times ET unless indicated otherwise)

During Easter, numerous regions observe holidays and many people are enjoying time off from work. This trend is also impacting the crypto markets, as they remain relatively stable. To be specific, the CoinDesk 20 Index (CD20), which tracks the largest and most active cryptocurrencies, has increased by less than 0.1% over the past day, with bitcoin (BTC) rising only 0.1%.

Trump has been pushing for Jerome Powell, the Federal Reserve Chair, to be removed due to Powell’s reluctance to lower interest rates. This hesitancy from Powell has added to economic uncertainty, causing Bitcoin prices to stagnate and prompting Wall Street investors to invest more in gold.

As a crypto investor, I find myself in agreement with Trump’s recent statement on Truth Social regarding Jerome Powell. In his own words, he expressed that Powell is “too late” in lowering interest rates, and I can’t help but echo his sentiment. The Federal Reserve Chair’s termination cannot come fast enough, in my opinion, as the current situation calls for swift action.

This statement follows Powell’s assertion that the central bank anticipates both unemployment and inflation to increase due to the tariffs Trump imposed on most other countries. As an investor, I understand the potential impact of these trade policies on our economy and believe that decisive action is needed to maintain stability.

Due to the ongoing reciprocal actions, there’s been an increase in doubt and anxiety, resulting in a modest gain for the S&P 500 at the end of the abbreviated trading week by only 0.1%, while the tech-focused Nasdaq experienced a slight decline of 0.1%.

Currently, financial markets show a strong sensitivity towards decisions made by the White House, and it’s expected they will continue to behave this way in the near future, according to Ira Auerbach, head of tandem at Offchain Labs and a former leader of digital assets at Nasdaq, when speaking with CoinDesk.

As a crypto investor, I find myself intrigued by President Trump’s calls for interest rate cuts amid inflation fueled by tariffs. This could potentially rekindle Bitcoin’s original role as a ‘safe haven’ against deteriorating purchasing power. The recent cautious stance of Bitcoin might be temporary as the uncertainty surrounding monetary policy intensifies, leading to increased interest and potential growth in its value.

Currently, gold seems to serve as a safeguard against currency devaluation and economic unpredictability. Remarkably, over the past two decades, its value has surpassed that of the S&P 500 when considering dividends, indicating a significant bull run for the precious metal.

For those invested in cryptocurrencies, the signs point in different directions. On a broader scale, there’s a lot of unpredictability, but when it comes to regulation under the Trump administration, the outlook has been becoming clearer and institutes seem to be growing more at ease with the sector.

According to dYdX Foundation CEO Charles d’Haussy, speaking with CoinDesk, it might be wise to give things some time and observe as tariff policies are put into effect and bilateral negotiations take place. It appears that the general sentiment among market participants suggests central banks’ actions following the summer. Keep a close eye!

Token Talk

By Francisco Rodrigues

The memecoin trading frenzy doesn’t appear to over quite yet. Since token-launch protocol Pump.fun introduced its trading platform PumpSwap in March, volumes have skyrocketed.
According to Artemis data, Solana-based Pump.fun was seeing roughly $110 million of trading volume a day before the PumpSwap debut. That figure exploded to $650 million on April 17, with $444 million being traded on PumpSwap.
Daily transaction volumes on the platform now top 40,000, roughly double the figures seen before PumpSwap’s launch, Dune data shows.
The heightened trading volume helped Pump.fun’s 24-hour revenue top that of layer-1 network Tron, bringing in roughly $2 million over the period. The figure is also above that of platforms like Hyperliquid and Aave.
Outside of Solana, other networks have seen their share of trading activity. Even Nasdaq-listed exchange Coinbase found itself embroiled in alleged front-running after three wallets bought its “Base is for everyone” token before the launch was announced.

Market Movements:

BTC is down 0.69% from 4 p.m. ET Thursday at $84,550 (24hrs: +0.30%)
ETH is up 0.15% at $1,587.85 (24hrs: -0.36%)
CoinDesk 20 is up 1% at 2,460.30 (24hrs: +0.2%)
Ether CESR Composite Staking Rate is down 15 bps at 2.98%
BTC funding rate is at 0.0069% (7.5927% annualized) on Binance

DXY is unchanged at 99.38
Gold is down 0.54% at $3308.8/oz
Silver is down 1.55% at $32.42/oz
Nikkei 225 closed +1.03% at 34,730
Hang Seng closed +1.61% at 21,395
FTSE closed Thursday at 8275.66.
Euro Stoxx 50 is down 0.63% at 4935.34
DJIA closed on Thursday -1.33% at 39,142
S&P 500 closed +0.13% at 5282.7
Nasdaq Composite closed -0.13% at 16,286.45,
S&P/TSX Composite Index closed +0.36% at 16,286.45
S&P 40 Latin America is up 1.64% at 2,383.75
E-mini S&P 500 futures are down 0.13% at 5,312.75
E-mini Nasdaq-100 futures are down 0.02% at 18,380
E-mini Dow Jones Industrial Average Index futures are down 1.31% at 39,329

Bitcoin Stats:

BTC Dominance: 63.91 (-0.18%)
Ethereum to bitcoin ratio: 0.019 (0.54%)
Hashrate (seven-day moving average): 913 EH/s
Hashprice (spot): $44.32
Total Fees: 6.01 BTC
CME Futures Open Interest: 141,280
BTC priced in gold: 25.5 oz.
BTC vs gold market cap: 7.23%

Crypto Equities

Strategy (MSTR): closed on Thursday at $317.20 (1.78%), down 0.30% at $316.35 in pre-market
Coinbase Global (COIN): closed at $175.03 (1.64%)
Galaxy Digital Holdings (GLXY): closed at C$15.36 (-1.41%)
MARA Holdings (MARA): closed at $12.66 (2.76%), up 0.16% at $12.68
Riot Platforms (RIOT): closed at $6.46 (1.57%)
Core Scientific (CORZ): closed at $6.63 (0.61%), up 0.29% at $6.65
CleanSpark (CLSK): closed at $7.51 (3.16%), up 0.27% at $7.53
CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $12.04 (1.09%), up 0.42% at 12.09
Semler Scientific (SMLR): closed at $32.49 (4.79%), up 2.60% at $33.33
Exodus Movement (EXOD): closed at $36.58 (-1.64%), up 4.98% at $38.40