Bitcoin holds near $75,000 as markets absorb US tariff impact

Bitcoin (CRYPTO:BTC) showed resilience during a global market downturn, reinforcing views of its gradual emergence as a macroeconomic asset, according to Unity Wallet Chief Operating Officer James Toledano.

The asset dropped from over $82,200 on April 1 to below $75,000 by April 7, as markets reacted to the United States’ imposition of reciprocal tariffs on more than 100 countries.

The 25% fall from its January 20 peak of over $109,000 occurred alongside similar declines in equity markets, casting doubt on Bitcoin’s status as an uncorrelated asset.

However, a temporary pause in tariffs helped calm markets, with Bitcoin partially rebounding.

Toledano noted this shift could indicate changing sentiment around the asset’s role in portfolios.

“While it’s far from decoupled or insulated from broader economic shocks, it has fared surprisingly well during this recent market-wide sell-off,” he said.

“This might suggest that fewer investors view it as merely another high-beta risk trade.”

He added that Bitcoin may be occupying a “liminal space between risk and refuge” and that more clarity will develop over time.

While Bitcoin mirrored traditional markets during the first quarter of 2025, gold posted sharp gains.

Starting the year around $2,580 per ounce, gold rose over $500 by March 31 and reached nearly $3,174 per ounce after April’s volatility.

This divergence has revived criticism of Bitcoin’s “digital gold” narrative, with some arguing gold remains the more stable store of value.

Still, Toledano said Bitcoin’s behavior during recent policy shifts highlights its original appeal.

“The global response to US policy shifts is reinforcing Bitcoin’s core proposition,” he said.

“While not yet a traditional safe haven, Bitcoin is growing into that role.”

At the time of reporting, the Bitcoin price was $81,091.30.