Americas Crypto Daybook: Assessing Trump's Impact Ahead of Robinhood Earnings

By Francisco Rodrigues (All times ET unless otherwise stated) The cryptocurrency market experienced a slight decline over the past 24 hours, with the CoinDesk 20 (CD20) index falling by 1.4%. Bitcoin (BTC) remains relatively stable at around $95,000. These figures fall within the recent volatility range and follow a strong monthly performance, with BTC on track to increase by 15% in April, its highest rise since November. The market is navigating growing concerns about the potential effects of President Donald Trump's reciprocal tariffs on almost every country, as well as optimism about the Federal Reserve's potential interest rate cuts. Stock prices have surged over the past week due to expectations that Trump will reduce tariffs and continue interest rate cuts, according to Bankinter, a Spanish bank. However, the bank noted that the market outlook could worsen starting today, as some damage has already been done, primarily to confidence, which is a crucial foundation for the market. Several major companies, including P&G, UPS, PepsiCo, American Airlines, and GM, have lowered or withdrawn their earnings forecasts. Bankinter also pointed out that France's first-quarter GDP data, released today, showed a quarter-on-quarter increase driven entirely by inventory, while consumption, investment, and exports are weakening. This does not bode well for the upcoming U.S. figure, scheduled for release at 8:30 a.m. Some market observers, including Bankinter, predict it could contract sharply. Bitcoin's rise this year, in contrast to the stock market's worst 100-day performance under a presidential administration since 1974, may indicate that the cryptocurrency is being used as a hedge. As mentioned earlier in the week, Greg Cipolaro, NYDIG's global head of research, stated in a note that BTC is behaving "more like the non-sovereign issued store of value that it is." Bitcoin has decoupled from U.S. equities since the escalation of the U.S.-China trade war and has seen increased bets. This month, spot bitcoin ETFs reported total net inflows of over $3 billion, according to SoSoValue data, further indicating a shift towards the cryptocurrency space amid uncertainty. Remain vigilant! Key Events to Watch Upcoming Conferences CoinDesk's Consensus will take place in Toronto on May 14-16. Use the code DAYBOOK to receive a 15% discount on passes. Market Insights By Shaurya Malwa Derivatives Positioning Market Trends Bitcoin Statistics Technical Analysis Crypto Equities ETF Flows Spot BTC ETFs: Spot ETH ETFs Source: Farside Investors Overnight Market Movements Chart of the Day While You Were Sleeping In the Ether