'Digital Gold' Bitcoin Denies Asset Market Bandwagon

BTC Bounces Back with Gold amid Global Asset Market Declines
BTC Defends $88,000...Altcoin Weakens on Intra-day of Apr. 22
Arthur Hayes "BTC Will Start Strong on Weaker U.S Dollar"

Bitcoin(BTC), the digital gold, continued its strong performance on the 22nd, showing its link to gold. Gold also hit 3504 dollars per ounce on Apr. 22, breaking an all-time high for the second consecutive day.

Bitcoin broke away from the current on the 21st and 22nd as the asset market weakened due to the conflict between U.S. President Trump and the U.S. Federal Reserve.

On the 21st, President Trump posted a message on his SNS "Truth Social" to pressure Fed Chairman Jerome Powell on his decision to cut interest rates. The Dow Jones 30 Industrial Average, S&P 500 Index and Nasdaq Composite Index, which opened four days after the closure, fell about 2.48%, 2.36%, and 2.55%, respectively.

In the aftermath of the U.S. stock market's weakness, the Korean stock market continued to weaken on the 22nd, but Bitcoin maintained a solid defense on the 22nd.

While Bitcoin defended $88,000, altcoins recorded weakness unlike Bitcoin. XRP and Solana SOL fell 2.46% and 1.17% respectively, including Ethereum (ETH) down about 3.74%.

Bitcoin's strength is attributed to the fact that the Bitcoin spot exchange-traded fund (ETF) in the U.S. recorded a net inflow on the 21st, unlike the current trend in the asset market. According to data from the on-chain analysis platform CoinGlass, 11 Bitcoin spot ETFs in the U.S. recorded a net inflow of 381.3 million dollars (about 541.6 billion won) on the 21st. This is the highest in March.

◇Bitcoin = Bitcoin price is $88,395 at 4:30 p.m. on Apr. 18, 2025. The Bitcoin share(dominance) was 64.58%.

The long(up) and short(down) betting ratios in the Bitcoin futures market stood at 40.51% and 59.49%, according to the on-chain analytics platform Sigbtc.

As Bitcoin rebounded from the current of the asset market, an opinion predicting Bitcoin's strength was presented.

Arthur Hayes, CEO of BitMex, predicted on his X account on the 21st that the U.S. Treasury Department's government bond purchase, the resulting weakening of the dollar's value, and the rise of Bitcoin.

Arthur Hayes predicted that the U.S. Treasury Department will start selling government bonds, which will lead to a rise in Bitcoin. "This is the last chance to buy bitcoin under $100,000," he said.

The Treasury Department's purchase of government bonds is the act of the Treasury Department repurchasing bonds that were circulating on the market to increase liquidity in the market. In general, the US Treasury Department's purchase of government bonds is interpreted as the market circulation of the dollar, which lowers the value of the dollar.

◇Upward Coin = The cryptocurrency that recorded the largest increase from the previous trading day at 4:30 p.m. on Apr. 22 was Thundercore (TT), up about 12% on the day alone.

Thundercore (TT) is a project that aims to serve as a blockchain platform like Ethereum and solves Ethereum's scalability problem while attracting game-related Dapps (DApps) mainly as a blockchain platform where Ethereum virtual devices (EVMs) are compatible.

◇Fear Greed Index = The digital asset fear-greed index provided by Alternative has entered the 'neutral' stage with 47 points. The neutral stage is a section where the psychological resistance and support of market participants appear, and important decision-making actions appear in future price movements.

The cryptocurrency relative strength index(RSI) provided by Sigbtc was 69.6, which was in a 'neutral' state. RSI sets the relative strength between the upward and downward pressure of a specific asset price and is an indicator of a measure of over-purchasing and over-selling of a specific asset.

권승원 기자 ksw@blockstreet.co.kr