Crypto news

Bitcoin Flirts with $96K, Stocks Keep Up—Analysts Throw Shade at ‘Blind’ Market

BBG News

What to know:

  • Bitcoin is inching towards a potential $96K peak, after taking a good look at $95K.
  • Stocks are still doing their best to keep calm, in defiance of the tariff-induced panic from April.
  • Jeff Park from Bitwise thinks the market is hilariously “blind” to reality.

The crypto market barely blinked on Tuesday, still cruising along while the U.S. economy stewed in the tumult caused by the administration’s tariffs. Not much drama here—unless you count the fact that Bitcoin is trying to peek above $96,000, just as if it hadn’t been two months since the last time it bothered to do so. The CoinDesk 20 index (which excludes the stuff that isn’t crypto, like stablecoins and memes) was up a modest 1.1%. Bitcoin Cash (BCH) decided to do a little victory dance and surged by 6.3%. Clearly, someone’s got something to prove.

Meanwhile, the stock market played it safe, just like someone who wants to keep their job while the office burns down. Coinbase (COIN) managed a meek 0.9% uptick, and Strategy (MSTR) thought 3.3% was good enough to show up in the “positive performance” category. Janover (JNVR), however, was flexing with a 16% rise, likely due to its mysterious yet undoubtedly brilliant strategy involving SOL. Or maybe it was just a good day. We’ll never know.

On the stocks front, the S&P 500 and Nasdaq each decided to gain 0.55% because, really, why not? Sure, economic data shows the U.S. is slowing down like a car with a flat tire, but markets are just pretending they don’t see it. Some of the most recent figures? Well, consumer confidence is at its lowest since May 2020. Oh, and job openings dropped to 7.19 million in March—because who needs jobs when you’ve got crypto to gamble on?

In other thrilling tariff news, Secretary of Commerce Howard Lutnick made some vague noises about a trade deal with a mystery country. The deal, of course, needs to be “ratified” by said country’s leaders. Fingers crossed, everyone. No word on whether they plan to send a fruit basket to celebrate.

Some shade on the rally

“Hard to fathom how blind the market really is,” said Jeff Park, head of Alpha Strategies at Bitwise, putting out an actual call for some common sense on X. Apparently, people are too busy obsessing over whether the Fed is going to cut rates in May or June. But, according to Park, that’s like worrying about your hair while the house is on fire.

He went on, “A Fed cut means nothing if U.S. creditworthiness is permanently impaired by the global community as a result of dollar weaponization.” In other words, who cares about rate cuts if the U.S. is becoming the financial equivalent of that guy at the party who keeps talking about conspiracy theories? “The myopic focus on a Fed cut is completely irrelevant,” he declared, as if explaining that global capital is about to get a whole lot more expensive. But sure, let’s focus on the small stuff. 🧐

Read More

2025-04-30 00:23

Previous post Slow Horses star Jack Lowden’s new all-star movie gets delayed
Next post Predator: Badlands