Chilled out
What's being bought and sold*
TOP TRENDING ASSETS
*Trading activity in the past 24 hours on the Uphold platform, as of 8 a.m. 16th April 2025.
The combined total of buy and sell percentages can exceed 100% due to customers who engage in both buying and selling the same asset within the 24-hour time frame.
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What’s up
A Parade Of Golden Hits
Worsening U.S.-China trade relations and a thick fog of unknowns has led to a spike in spot gold prices (XAU/USD) which earlier today surged to a new record high above $3,300 per ounce.
As Bitcoin treads water, south of $84K, down 2% in 24 hours, gold gained 2%. Soaring too is demand for gold funds. Net inflows hit a record $80 billion YTD, twice the previous high set for the entire year of 2020. A trading touchstone, the Kobeissi Letter, called the current hot streak the best run for gold since 2013. In the past three-and-a-half months, gold has hit 52 all-time highs.
A perilous gold climbdown may well be inevitable if history is any guide, according to a well-known veteran trader who constantly posts on X, per Cointelegraph, noting a popular theory regarding BTC tending to "catch up" to gold once the metal overshoots.
What's down
In Time For Spring, Crypto Winter?
In low trading volume, BTC has shuffled between $83.2K and $86.1K in the past 24 hours, as of about 9 a.m. (EST).
The challenge today will be to hold support at $83K lest the largest crypto possibly plummets toward $75K, said CoinDesk, citing an analysis by an in-house technician.
The crypto market could well be entering a wintry phase, with losses or stagnation expected, CoinDesk added somberly.
Uh-oh.
BTC has slid below its 200-day simple moving average.
What's next
Utter Unpredictability Breeds 'Big Pause'
Baffled by the economy, United Airlines, in a highly unusual step, yesterday issued two separate forecasts (option A, very profitable or B, just marginally profitable) looking out over the rest of the year, essentially asking investors to choose their own adventure. Recession or no recession? We honestly can't tell you, the airline said.
“[Our] outlook is dependent on the macro environment which the company believes is impossible to predict this year with any degree of confidence,” United conceded in a securities filing (CNBC).
Crypto remains grounded amidst a storm of inconsistently implemented trade war tactics by the Trump administration. What's next, macro-wise, all just seems so ... up in the air.
It’s been nearly a month since BTC traded above $90K, Decrypt pointed out.
Trump’s tariffs could spur a scenario (say, a sharp economic downturn resulting in job losses) that leads the Fed to cut rates more aggressively. Two cuts are coming before year's end, the Fed indicated last month. Could there be a third cut in the cards? It’s still too early to tell, said Raphael Bostic, president of the Federal Reserve Bank of Atlanta.
“I think the fog has just gotten really, really thick,” Bostic said. “The economy is in a big pause. We'll just have to see sort of how things evolve.”
