Yigit Taha OZTURK 
Amid the chaos created by U.S. President Donald Trump’s abrupt and contradictory global tariff policies, the crypto market defied expectations and remained surprisingly resilient. According to NYDIG Head of Research Greg Cipolaro, digital assets have shown “relatively orderly” behavior during this period of global risk-off sentiment — a trend not commonly seen during such turbulent times.
Cipolaro noted that crypto perpetual futures funding rates have remained consistently positive. Despite a $480 million liquidation occurring on April 6–7 following Trump’s tariff announcement on April 2, this figure is considered minor compared to previous major sell-offs. Meanwhile, Tether (USDT) briefly dipped below its $1 peg but avoided a sharp depreciation.
Trump’s sweeping tariffs on all nations, introduced on April 2 and enforced on April 9, were delayed just hours later for 90 days. The U.S. imposed a 10% base tariff on countries excluding China, which still faces tariffs of up to 145%. These sudden shifts injected a new layer of uncertainty into both traditional and digital asset markets.
Bitcoin Resists Volatility, Gains Role as Safe Haven
While not entirely immune to volatility, Bitcoin has performed far better than many other asset classes in recent weeks. Cipolaro highlighted that BTC is down 22.5% from its mid-January high of $108,000, but has traded mostly flat over the past 24 hours — indicating a phase of relative stability.
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Cipolaro suggests that investors are increasingly seeking store-of-value assets not tied to fiat currencies or sovereign risk, driving further interest in Bitcoin. Notably, risk-parity portfolio funds are beginning to add Bitcoin into their asset mix, drawn by its decreasing volatility. This trend could help Bitcoin become even more stable, supporting wider institutional adoption over time.
Technical Indicators Flash Caution: Death Cross Ahead?
On the technical side, YouHodler’s Chief of Markets Ruslan Lienkha raised a red flag in an April 12 note. According to Lienkha, both Bitcoin and the S&P 500 are potentially forming a “death cross” — a bearish chart pattern where the 50-day moving average crosses below the 200-day average. This signal is often interpreted as a warning of medium-term downward pressure.
Lienkha warned that without a clear macroeconomic catalyst or positive momentum, markets may struggle to sustain upward movement in the coming weeks.
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