This week, the market will try to recover from the shock of Donald Trump’s tariff policy and the escalation of trade conflicts. At the end of trading at the end of the week, the main stock indexes S&P 500 (including 500 of the largest US companies) and Nasdaq (focused on technology companies) fell by almost 6%. Traders fear that this situation could lead to a repeat of “Black Monday” of 1987 – the day when the US stock market fell by a record 22.6% in one day. It was the largest one-day drop in the history of the US stock market.
Despite the unfavorable situation on the stock market, Bitcoin (BTC) held its ground last week. Its price was in the range of $82-87 thousand. Many expected BTC to grow in the coming days. Max Keiser, a well-known supporter of the cryptocurrency, said that the BTC/USD pair could reach $220 thousand by the end of the month. However, today Bitcoin is trading at $77 thousand, according to CoinGecko. Therefore, Keiser’s forecast is probably too optimistic. Other experts note that if Bitcoin returns and holds above $80 thousand, it could strengthen its status as a safe-haven asset and attract big players. Last week, the price of Ether (ETH) was at $1.8 thousand. Today, this asset is trading at $1.5 thousand. Experts believe that it has a chance to grow after the release of the update for the Pectra network.
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Forecast for the week of April 7 – 13
From April 7 to 13, the market will be watching economic news that could impact rate expectations and investor sentiment. On April 9, the Federal Reserve will release the minutes of its Federal Open Market Committee (FOMC), which decides interest rates. These minutes give the market clues about what to expect from the Fed’s future policy. On April 10, March Consumer Price Index (CPI) data will be released. Also on that day, fresh jobless claims data will be released. On April 11, the Producer Price Index (PPI) and consumer sentiment surveys from the University of Michigan will be released.
From April 10, China will impose a 34% tariff on all imports from the United States. Beijing is also tightening controls on rare earth exports and adding 27 American companies to the sanctions list. However, it is possible that negotiations will begin in the “tariff war” in the near future. Trump said that he discussed the issue with the leaders of European and Asian countries over the weekend. According to him, many of them are interested in concluding a trade deal. At the same time, anti-American sentiment is growing in Europe. According to a survey by the analytics company YouGov, more than half of residents of the UK (53%), Germany (56%), Sweden (63%) and Denmark (74%) have an “unfavorable” opinion of the United States.
Some details of the implementation of the experimental legal regime (ELR) for the circulation of cryptocurrencies in the Russian Federation have become known. The key participants in the process will be banks, crypto exchanges and liquidity providers. The regulator is the Bank of Russia. It is already discussing the rules concerning investors and professional participants with the government. Perhaps the details will be known in the near future.
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