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Another 24 hours filled with tariff drama—this time hitting traditional markets harder than Bitcoin. Further levies have been imposed on China, and Powell has responded.
Previously, the US had slapped a staggering 145% tariff on select Chinese imports—already an aggressive move. But China was ready to retaliate, and did just that. Now, in response to China's countermeasures, the White House has escalated tariffs to as high as 245%, citing China's "retaliatory actions." Despite the pressure, China is holding firm, reiterating its willingness to "fight until the end."
This escalation has shaken key US tech names. Apple and Nvidia, which had both staged promising rallies after weekend tariff exemptions, have been hit hard. Apple has relinquished all its gains, and Nvidia has dropped nearly 10% over the past few days.
Meanwhile, gold continues its meteoric rise, trading at $3,354—a clear sign of a risk-off environment. With gold setting new all-time highs every other day and now up 12% in just eight days, this kind of surge is rare and speaks volumes about investor sentiment.
Powell Speaks Out—But Doesn’t Fold
Jerome Powell took to the stage in Chicago today, and all ears were on him. Trump has been vocal in demanding rate cuts, yet Powell remains unmoved. Today, he doubled down—stating clearly that the Fed won’t intervene to support equity markets unless there’s a major systemic issue.
He also acknowledged the long-term impact of tariffs, especially on the auto sector, warning that car supply chains could face disruption for years. Despite the uncertainty, Powell remains confident in the US economy, citing a strong job market and ongoing resilience.
With the next interest rate decision due in May, markets had previously priced in a potential cut. But sentiment has shifted. There's now an 86.4% probability of no rate cut in May, pushing expectations to June for the first 25bps cut.
On crypto, Powell struck a surprisingly constructive tone. He noted that digital assets are becoming more mainstream and said a legal framework for stablecoins “makes sense.” He also indicated that banking regulations around crypto may loosen, a potentially bullish signal for the sector.
Bitcoin Shows Strength Amid Market Chaos
Bitcoin has held steady over the past 24 hours, even as tech stocks fell and tariffs intensified—a sign of resilience. Historically, BTC has closely tracked major tech names, but we’re now witnessing an emerging decoupling. Bitcoin is behaving more like a risk-off asset, compared to tech stocks which are getting hammered by geopolitical noise.
Stormrake Spotlight: Ripple (XRP) ($2.07)
Stormrake Spotlight: Ripple (XRP) ($2.07)
It’s been another quiet day for XRP—not a bad thing. Consolidation at the recent high, while holding above the lower end of the range, is constructive.
XRP is still facing resistance from two moving averages above, which need to be cleared to shift the structure bullish and target the mid-range area near $2.40.
BTC/USD Key Levels and Price Action:
BTC/USD Key Levels and Price Action:
Bitcoin has reclaimed the tight CPR range between $83.6k and $85.8k, following a brief dip below. Support from prior price action and the 200EMA helped BTC regain footing.
Momentum remains sideways and structure is rangebound. A break above this range could open up a move to $89.9k, while a break below could drag BTC down toward $81.6k.
BTC Total ETF Flows for 16 April: $ - 201.7 million
(ETF flow data is sourced from https://farside.co.uk/btc/ and reflects figures at the time of writing.)
*All prices are denominated in USD unless stated otherwise*
Written by Alexandar Artis
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