Welcome to the US Morning Crypto News Briefing—your essential rundown of the most important developments in crypto for the day ahead.
Grab a coffee to see what analysts say about Gold hitting new all-time highs while Bitcoin lags behind. At this point, many in the crypto community are wondering if the ‘Digital Gold’ narrative is beginning to unravel.
Is Bitcoin Akin to a Tech Stock? Analyst Weighs In
Gold prices have reached an all-time high of $3,317 per ounce, a 25% climb since the start of the year. Analysts say this surge highlights growing investor anxiety over the turbulent global economic climate, fueled largely by a tit-for-tat trade war among major economies.
These developments have also stirred debate about the potential impact on Bitcoin, with experts offering insights on whether the digital currency will see a similar uptick in value or remain largely unaffected.
“Bitcoin has closed the first quarter of 2025 with a 11.8% decline and recent fluctuations in the last two months highlight Bitcoin is extremely sensitive to macro-economic factors,” Paybis Chief Executive Officer Innokenty Isers told BeInCrypto.
Isers believes that in the short term, Bitcoin remains highly correlated with the traditional market.
“Bitcoin’s correlation with equities—most notably a 0.72 correlation with the S&P 500— has led some investors to re-evaluate its position as ‘digital gold’ narrative—at least in the short term,” he added.
Moreover, Isers added that the correlation between Bitcoin and gold remains low at 0.2. This indicates that the returns of the two assets have largely moved independently.
“Historically, this correlation has rarely exceeded 0.3, which highlights a limited linear co-movement between the two. In the recent months, Bitcoin has exhibited characteristics more akin to a tech stock than a traditional digital gold,” Isers stated.
The Paybis executive said that from a broader macro perspective, Bitcoin’s Fear and Greed Index reads 29, which suggests market sentiment is still stuck in the fear zone—even with a slight recovery.
“At the same time, Bitcoin ETFs have seen steady outflows throughout April, despite the asset’s price climbing. So far, outflows have totaled $812.3 million this month, with BlackRock’s IBIT accounting for the largest share,” Isers said.
According to Wednesday’s QCP capital observation, despite a modest rebound in recent days, Bitcoin has yet to exhibit signs of safe-haven demand.
Looking at the macro picture, investor eyes will be on the US Federal Reserve Chair Jerome Powell’s speech at the Economic Club of Chicago later today. Market proponents are cautiously expecting the next clues on rate cuts and some clarity on tariff-driven inflation.
Earlier this week, Fed Governor Christopher Waller also suggested that the central bank may be underestimating the persistence of inflationary pressures. At the moment, market proponents are cautiously hoping for some sign of direction.
Chart of the Day
Byte-Sized Alpha
- Coinbase has successfully concluded the SEC’s review of its financial disclosures without any required amendments, marking a regulatory victory.
- Bybit reversed its PAWS airdrop just before the meme coin’s official launch due to users’ complaints about inconsistent token allocations.
- Semler Scientific plans a $500 million securities offering to expand its Bitcoin holdings despite a 5% unrealized loss on previous BTC investments.
- Local governments in China are reportedly offloading seized crypto holdings amidst economic struggles.
- VanEck proposes “BitBonds,” combining Treasury securities and a 10% Bitcoin allocation, as a potential solution for the US’s $14 trillion debt refinancing challenge.
Crypto Equities Pre-Market Overview
| Company | At the close – April 16 | Pre-market overview |
| Strategy (MSTR) | $310.72 | $305.70 (-1.61%) |
| Coinbase Global (COIN) | $175.57 | $171.63 (-2.04%) |
| Galaxy Digital Holdings (GLXY) | $15.45 | |
| MARA Holdings (MARA) | $12.58 | $12.23 (-3.10%) |
| Riot Platforms (RIOT) | $6.55 | $6.39 (-2.82%) |
| Core Scientific (CORZ) | $6.85 | $6.67 (-2.65%) |
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