Odaily Planet Daily News Exness financial market strategist Inky Cho said that the recent decline in the cryptocurrency market may be related to the panic of selling caused by Mt.Gox's transfer of BTC to settle debts, and Trump's remarks about the upcoming recession also brought shocks to the stock and cryptocurrency markets.
From a macro perspective, the correlation between Bitcoin and Nasdaq remains at around 40%, but Bitcoin and ETH and other altcoins are polarizing. Bitcoin is more like a tool to hedge economic uncertainty and current US tariffs, while altcoins including Ethereum are still linked to the Nasdaq market dominated by the technology industry and technology stocks. In addition, in the long run, Bitcoin's role as a tariff hedging tool may increase, especially when tariffs cause economic instability. (Samaa)