Market Update: Altcoins Plummet, Gold Surges as Investors Seek Safe Haven Amid Trump's Tariff Plans

By Francisco Rodrigues (All times ET unless specified otherwise) The cryptocurrency market is experiencing a downturn as investors await the implementation of President Donald Trump's reciprocal tariffs, scheduled to take effect on April 2, and key macroeconomic data releases later in the day. Bitcoin has dropped 2.5% over the past 24 hours to $85,835.19, while ether has fallen nearly 6% to $2,838.42, XRP has declined 5.5%, and DOGE has plummeted 7% to $0.1219. The CoinDesk 20 Index (CD20) has decreased by 4.65%. In contrast, gold has reached new heights. The increasing demand for gold has benefited tokens backed by the precious metal, with a market capitalization of $1.4 billion in March, according to CoinDesk Data's latest stablecoin report. Traders appear to be reducing their risk exposure ahead of the U.S. personal consumption expenditure (PCE) report, which may influence Federal Reserve interest rate decisions and subsequently impact risk appetite. Bitcoin traders are also anticipating the expiration of $12.2 billion in BTC options on Deribit today, with a max pain point at $85,000. However, implied volatility remains near annual lows, as the expiry is unlikely to significantly impact the market, according to Wintermute OTC trader Jake O. "These expirations have yet to consistently move markets, largely because BTC options open interest remains small compared to spot activity," Jake O. said in an emailed statement. "The $12 billion is dwarfed by $28 billion in spot volume traded over the past 24 hours." As the trend of derisking grows, spot bitcoin exchange-traded funds (ETFs) have seen consistent inflows since mid-March, with nearly $1 billion added over the past two weeks. In contrast, spot ether ETF outflows have persisted, with around $115 million exiting these funds during the same period. Looking ahead, money managers are likely to continue reducing risk exposure. This trend has led Goldman Sachs to raise its gold price target for the year to $3,300 per troy ounce, with the potential to rise to $4,500 in an extreme scenario. Stay informed. Key Events to Watch: Token Events Conferences Token Talk By Shaurya Malwa Derivatives Positioning Market Movements: Bitcoin Statistics: Technical Analysis Crypto Equities ETF Flows Spot BTC ETFs: Spot ETH ETFs Source: Farside Investors Overnight Flows Chart of the Day While You Were Sleeping In the Ether