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The new customs tariffs imposed by the US on China continue to shake global markets. The escalating economic tensions are affecting not only stock markets but also the cryptocurrency scene. According to QCP Capital’s market analysis dated April 9, investors’ search for safe havens has proven futile. Bitcoin 
$109,953, the largest cryptocurrency, struggles to maintain its position around $75,000, but a potential new crash in the stock market could threaten this level.
Traditional Safe Havens Fail to Meet Expectations
The VIX index, a significant indicator of volatility, has remained above the 40 mark for three days. This clearly indicates that fear and uncertainty are rampant in the market. Surprisingly, traditional safe havens like gold and US Treasury bonds are failing to meet investor expectations this time. Investors have even started to liquidate these assets to respond to margin calls.
The strategy of refinancing US debts at low-interest rates is now raising alarms. Bond yields have sharply increased across all maturities. The yield on 10-year US Treasuries has reached 4.50%, while 30-year bonds have surpassed 5%. Credit risk premiums are widening rapidly, indicating a general weakness in risk appetite.
Bitcoin Struggles While Ethereum Lags Behind
Bitcoin is currently trying to consolidate above the $75,000 level. However, QCP Capital warns that another significant drop in stocks could lead to a break below this crucial support. Many investors are anxious that such a breach could trigger panic selling.
Meanwhile, the king of altcoins, Ethereum 
$2,772, portrays a weaker image. Falling to unprecedented levels since the beginning of 2023, ETH continues to drop towards the $1,400 range. This decline erodes investor confidence in the altcoin leader and increases the appeal of alternative earning methods.
Particularly in the options market, rising implied volatility is creating new opportunities for investors seeking to generate income through structured products. QCP believes this period offers a favorable environment for professional investors looking to focus on “crypto returns” strategies.
Markets Await Fed and Trump’s Next Moves
Market players are currently focused on two main supportive factors: a potential market intervention from the Trump administration or a sudden easing in the Fed’s interest rate policy. However, both possibilities appear unlikely to occur in the short term. Signs of rising inflation and persistently low unemployment rates suggest that the Fed won’t rush to cut rates.
Despite this, the futures market has priced in four expected rate cuts throughout the year. Some investors even speculate that the Fed may take emergency interest rate actions outside of scheduled meetings. The gap between these expectations and reality is further increasing volatility in the markets.
Rather than taking a strategic step back, the Trump administration seems to be following a Martingale strategy, returning to the table with increasingly bold moves with each counteraction. However, uncertainties remain regarding how much longer the US can place chips in this poker game, given that China holds significant economic leverage.
