Bitcoin (BTC) surged 5% on April 4, reaching a brief high of $69,400, despite a broader market decline in US equities. This demonstrates Bitcoin’s growing reputation as a safe haven asset. Despite giving up more than half of its gains as the dollar index recovered, Bitcoin was still trading around $67,500 at the time of writing. Liquidation sales totaled $199.2 million in the past 24 hours, with long positions accounting for $109.4 million. Bitcoin-related liquidations amounted to $67.3 million, with shorts making up $41.8 million. While most altcoins failed to recover like Bitcoin, BNB showed relative strength, trading at $587, up 5% in the past 24 hours.
The Minneapolis Federal Reserve Bank President, Neel Kashkari’s comments during a LinkedIn virtual event influenced the decline in stock indices, with the S&P 500 and Nasdaq retreating by almost 1% from their session highs. Kashkari expressed skepticism about the pace of interest rate cuts by the Federal Reserve amidst persistent inflation. This divergent view from Fed Chair Jerome Powell’s more optimistic tone triggered a swift reaction in equity markets. However, Bitcoin’s surge served as a reminder of its perceived value as a digital safe haven, particularly during times of market uncertainty and monetary policy debate.