Cryptocurrencies Shine as Global Stocks Plunge Amid Tariffs
This week, cryptocurrencies, especially some altcoins, outperformed global stocks. The fear and greed index hit its lowest level in years, signaling investor anxiety.
Bitcoin (BTC) remained stable while stocks plummeted. Several altcoins surged as markets reacted to President Trump’s new tariffs on chinese imports.Bitcoin has outperformed the tech-heavy Nasdaq 100 this year, despite recent flat performance. U.S. equities took a massive hit, with the Dow jones dropping 2,200 points on Friday alone.
Since February, the Dow has fallen from $45,000 to $38,200. The Nasdaq 100 and S&P 500 also suffered important losses. Trump’s 34% tariff on Chinese imports sparked this turmoil, with Beijing retaliating swiftly. The fear and greed index dropped to 6, indicating extreme fear.
Interestingly,crypto might be a safe haven. Altcoins outperformed both Bitcoin and traditional assets. EOS (EOS) led the rally, rising 41% after rebranding to Vaulta and focusing on blockchain banking. It launched VirgoPay for cross-border payments.
- Pendle (PENDLE) surged 22% due to its DeFi platform offering high returns.
- Fartcoin (FARTCOIN) and Cosmos (ATOM) jumped 15% and 9.5%, respectively.
Though, not all altcoins thrived.Berachain (BERA) crashed 27%, while Pi Network (PI) and others fell over 15%. While some altcoins performed well, it’s premature to label them as safe-haven assets due to their speculative nature.
