PANews reported on March 29 that according to Samaa, Exness financial market strategist Inky Cho said that the recent decline in the cryptocurrency market may be related to the panic selling caused by Mt.Gox's transfer of BTC to repay debts, and Trump's remarks about the impending economic recession have brought shocks to the stock and cryptocurrency markets.
Currently, the correlation between Bitcoin and Nasdaq remains at around 40%, down from the previous peak of 72%. However, Bitcoin, 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. Therefore, in the long run, Bitcoin's role as a tariff hedging tool may increase, especially when tariffs cause economic instability.
