(Coin Telegraph)—Bitcoin looks set for a bearish open to mark the last trading day of March and possibly the weakest Q1 performance since 2018.
Crypto and stock traders’ anxiety over US President Donald Trump’s fresh wave of 25% tariffs on cars imported to the US, the threat of tariffs on the pharmaceutical industry is clearly reflected in BTC’s current downside. Trump’s frequent references to April 2 being “Liberation Day” (the day when an apparent number for “reciprocal tariffs” will be assigned to various countries) also has shaken traders’ confidence.
At the time of publishing, stock futures have already slipped into the red, with the DOW futures shedding 206 points and the S&P 500 futures down 0.56%. As expected, Bitcoin’s price moved in tandem with equities markets, slipping to $81,656 on March 30 and locking in a 7th consecutive day of lower lows.
After a tumultuous quarter, equities markets look set to close down for the month, with the S&P 500 down 6.3% and the Nasdaq and DOW each registering 8.1% and 5.2% respective losses.
Bitcoin’s steady decline is a combination of weak demand in spot markets and clear derisking from traders who are reluctant to open fresh positions in BTC’s futures markets.
Last week’s core Personal Consumption Expenditures (PCE) data showed a higher-than-anticipated uptick in inflation, and March consumer confidence data from the Conference Board showed the monthly confidence index — a metric that reflects respondents’ expectation for income, business and job prospects — at a 12-year low.
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Recession odds also continue to rise, with a recent report from Goldman Sachs raising the 12-month recession probability from their previous 20% to 35%. In the report, Goldman Sachs’ analysts said:
“The upgrade from our previous 20% estimate reflects our lower growth beeline, the sharp recent deterioration in household and business confidence and statements from White House officials indicating greater willingness to tolerate near-term economic weakness in pursuit of their policies.”
— Read More: cointelegraph.com
