The cryptocurrency market is showing resilience as U.S. equities plunge and investors look to bitcoin as a potential hedge
What to know:
U.S. equities lost $5.4 trillion in value in two days after President Trump unveiled his reciprocal tariffs.
Bitcoin and the broader crypto market fell less sharply, with BTC down 6% compared to Nasdaq's 11%.
Standard Chartered sees bitcoin as a potential hedge against traditional finance instability.
President Donald Trump’s reciprocal tariff unveiling had led to a $5.4 trillion U.S. equities market wipeout in just two days as the S&P 500 index dropped to its lowest level in 11 months and the Nasdaq 100 entered bear market territory.
Yet, amidst the chaos, cryptocurrency prices are showing resiliency, with bitcoin (BTC) dropping roughly 6% since the tariffs were unveiled, compared to the Nasdaq’s 11% drop. The broader crypto market, as measured by the CoinDesk 20 (CD20) index, dropped by roughly 4.9% over the same period.