Bitcoin (BTC) surged 5% on April 4, briefly surpassing $69,400, despite a broader rout in the U.S. equity market, demonstrating its growing status as a safe-haven asset.
At press time, the flagship crypto was trading between $67,500, giving up more than half of its gains after the dollar index recovered from its decline earlier in the day.
Total liquidations totaled $199.2 million over the past 24 hours, with long positions accounting for more than half at $109.4 million. Meanwhile, Bitcoin-related liquidations totaled $67.3 million, with shorts accounting for $41.8 million.
Most altcoins failed to mirror Bitcoin's rally, with Ethereum (ETH) down around 1% on the day at $3,283, while Solana was down 2% and trading at $181.7 at the time of publication.
BNB showed relative strength and was trading at $587, up 5% in the last 24 hours.
A safe haven?
The decline in stock indexes, with the S&P 500 and Nasdaq each falling nearly 1% from their session highs, was notably influenced by remarks by Minneapolis Federal Reserve President Neel Kashkari during a virtual event on LinkedIn.
He expressed skepticism about Fed policy pace of interest rate cuts amid persistent inflation, a view that departs from the more optimistic tone previously given by Fed Chairman Jerome Powell regarding possible rate cuts during the year.
This divergence of views within the Federal Reserve has highlighted the ongoing debate over the best approach to combating inflation while promoting economic growth, triggering a rapid reaction from stock markets.
At the same time, the rise of Bitcoin has served as a reminder of its perceived value as a digital safe haven for investors, particularly during times of traditional market instability and monetary policy uncertainty.
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