Ramazan Eles 
Bitcoin (BTC) defied the broader market meltdown on April 4th, rallying 5% to briefly breach $69,400. This bullish run came even as US equities experienced a significant sell-off, potentially bolstering Bitcoin’s reputation as a safe-haven asset.
Bitcoin’s Gains Trimmed, But Sentiment Remains Upbeat
At the time of writing, Bitcoin has retreated slightly, trading between $67,500 and $68,000. This pullback reflects a partial retracement of earlier gains after the US dollar index regained some lost ground.
Despite the volatility, total crypto market liquidations over the past 24 hours remain moderate at $199.2 million. Interestingly, long positions accounted for the majority of these liquidations, at $109.4 million, suggesting some profit-taking after Bitcoin’s initial surge. Notably, Bitcoin-specific liquidations were lower at $67.3 million, with shorts contributing $41.8 million.
Altcoins Struggle to Follow Bitcoin’s Lead
Unlike Bitcoin, most altcoins failed to capitalize on the initial momentum. Ethereum (ETH) currently trades around $3,283, down roughly 1% on the day. Solana (SOL) also dipped 2% and is priced at $181.7.
BNB (BNB) emerged as a relative outperformer amidst the market volatility. The token currently sits at $587, representing a 5% gain over the past 24 hours.
Fed Comments Spark Equity Sell-Off
The broader market rout in equities likely stemmed from comments made by Minneapolis Federal Reserve Bank President Neel Kashkari during a virtual event on LinkedIn. Kashkari expressed concerns about the Fed’s planned pace of interest rate cuts in the face of persistent inflation. This viewpoint contrasted with the more optimistic tone set by Fed Chairman Jerome Powell, who previously hinted at potential rate reductions later in the year.
The conflicting perspectives within the Fed regarding inflation management and economic growth triggered a swift sell-off in the stock market.
Bitcoin: A Safe Haven Asset?
In contrast to the declining equity markets, Bitcoin’s resilience during this period serves as a potential indicator of its growing acceptance as a safe-haven asset. Investors may be increasingly viewing Bitcoin as a hedge against traditional market instability and uncertainties surrounding future monetary policy decisions.