Altcoins Decline, Gold Surges Ahead of Trump's Expected Tariff Announcement

The cryptocurrency market is reacting to the anticipation of President Donald Trump's upcoming announcement of new tariffs on April 2, which is expected to impact global markets significantly. Bitcoin's value has seen fluctuations, trading at just over $81,500 as major tokens like XRP and ADA faced declines of up to 5%. In contrast, gold reached all-time highs as investors flock to safe-haven assets amid fears of economic instability from potential tariff repercussions. A Bank of America survey indicated that institutional investors are favoring gold over Bitcoin as a crisis asset, with only 3% considering Bitcoin a safe haven during trade tensions. Trading volumes for Bitcoin and Ethereum ETFs have shown contrasting trends, with Bitcoin attracting inflows while Ethereum has experienced outflows. As the market braces for Trump's announcement, risk-averse strategies are becoming prevalent among portfolio managers, indicating a cautious outlook for cryptocurrencies.