Bitcoin, that digital beast lurking in the shadowy corners of finance, has decided to stretch its legs and sprint to a six-week summit at a whopping $88,900—because why not? Tuesday morning in Asia was apparently the perfect time for this crypto to show off, like a caffeinated squirrel on a power line.
This is its loftiest perch since March 7, according to CoinGecko—which sounds like a reptile-themed stock market app—and it means Bitcoin’s bounced a sprightly 18% since its sulky dip to $75,000 earlier this month, when it was probably binge-watching soap operas in its digital cave.
Meanwhile, Bitcoin has rekindled its on-again, off-again romance with gold, which just hit an all-time high just shy of $3,500 an ounce. That’s right, both decided to cozy up as investors clutch their safe-haven assets like nervous cats in a thunderstorm.
“All the people with gold and bitcoin in their portfolio today while stonks and bonds were down.”
— Lyn Alden (@LynAldenContact) April 21, 2025
Stonks Are Basically Taking a Nose Dive
Bitcoin, showing signs of wanting to stand apart and maybe get a little famous, is “massively bullish” according to some serious-sounding human named Dennis Porter, founder of the undoubtedly thrilling Satoshi Action Fund.
Meanwhile, US stock markets have opened the week as red as a librarian who’s just spotted someone dog-earing a book—with indexes like the S&P 500, Nasdaq, and Dow Jones all poking the bear at around 2.5% daily losses.
On center stage, President Donald Trump and Federal Reserve chair Jerome Powell are locked in verbal combat, with Trump crowning Powell a “major loser” for failing to lower interest rates. Ouch, the Fed just got roasted harder than a bad cup of office coffee.
The S&P 500, having learned the ancient art of vanishing, threw away $2.5 trillion since the April 9 high, right after the 90-day tariff “pause” vanished like your paycheck after rent day, according to the omniscient Kobeissi Letter.
China gave a polite but firm “Hey, back off!” warning to countries cozying up to the US in ways that make their own wallets weep, and Japan’s Prime Minister declared they won’t keep conceding like a polite guest at a family dinner where no one wants the last slice of pie.
Economist Alex Krüger summed it up: “The US is trying to commit economic suicide,” which has everyone rushing to sell their US assets faster than you can say “financial meltdown.”
“Where are the trade deals?
The S&P 500 has now erased -$2.5 TRILLION since the April 9th high after the 90-day tariff ‘pause.’
While markets await trade deals, Japan just said they ‘won’t just keep conceding’ in US tariff talks.
Here’s what’s happening.
(a thread)
— The Kobeissi Letter (@KobeissiLetter) April 21, 2025
Interestingly, gold and Bitcoin are now sharing a quiet moment together for the first time in months. Since April 7, the golden metal has danced upward 15%, while Bitcoin has pirouetted up an impressive 18%. (“Markets are pricing in US dollar weakness and more instability,” said those financial owls at the Kobeissi Letter, throwing bonds under the bus as a former “safe haven.”)
Bitcoin Dominance: Because Why Not Be King?
Bitcoin dominance has swaggered its way to a four-year peak of 64.6%, the highest since February 2021, according to TradingView. Altcoins, bless their digital hearts, have been too busy sulking while Ethereum is busy falling faster than your enthusiasm on a Monday morning.
Over $350 billion has flooded into crypto markets since that April 7 wobble, but about 99.9% of those dollars have glomped onto Bitcoin like it’s the last cookie at a gluten-free convention.
Meanwhile, altcoins are generally down in the dumps. Ethereum slipped back below $1,600, XRP is tiptoeing toward $2, Binance Coin took a nosedive under $600, and Solana’s playing it cool at $135.
Altseason, the much-ballyhooed party for alternative coins, is still somewhere over the horizon, probably stuck in traffic with everyone else waiting for it to show up.
🪙🚀💸
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2025-04-22 08:27