Bitcoin clearly didn’t get the memo about impending economic doom. On Thursday, the OG crypto danced its way past $97,000, hitting $96,600 with a 2.7% jump in just 24 hours, according to CoinGecko. Ethereum tagged along with a 3.5% rise to $1,850, and Dogecoin barked up 5% to $0.18.
The market's mood? Surprisingly chipper. Microsoft and Meta crushed their earnings reports on Wednesday, making analysts look like pessimists with calculators. President Trump’s trade war and looming tariffs aren’t enough to scare off the “Magnificent Seven” tech stocks or the AI frenzy that made Nvidia briefly king of the financial hill last year.
Speaking of Nvidia, it added a 2.6% gain, closing at $112 per Yahoo Finance. Rumor has it Uncle Sam is eyeing a chip deal with the U.A.E. to give Nvidia some breathing room on international sales, just ahead of Trump’s planned visit to the region.
Tariffs, Gold, and Small Business Drama
Meanwhile, Steven Lubka from Swan Bitcoin says this is just Wall Street embracing its current motto: “Heads we win, tails we win.” Either the economy tanks and Bitcoin soars with gold, or things smooth out and Bitcoin... still wins. Must be nice.
Not all news was glitter and gains, though. The U.S. economy shrank by 0.3% in Q1, and the Fed might have to reach for the interest rate scissors. Gold didn’t get the same love—it’s down 2.5%.
And let’s not forget the little guys. Small businesses are taking tariff punches like a boxer with no gloves. The U.S. Chamber of Commerce warned Thursday that it’s dangerously close to “irreparable” harm. Suzanne P. Clar, their president, basically said: Help now or wave goodbye to Main Street.
Lubka thinks markets are wising up. Tariffs may have rattled nerves early on, but now? “The market is realizing that this is just not where we’re going to end up,” he said. It means investors aren’t buying the tariff tantrum anymore.
HODL Team
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