From Yahoo Finance: 2025-04-08 14:59:00

The crypto market saw a relief rally fizzle out as stocks turned lower due to looming punitive tariffs against China. Bitcoin fell to $76,500 before stabilizing, while ether dropped below $1,500. The CoinDesk 20 was down 2.2%, with Bitdeer leading at 8.7% loss.

The S&P 500 and Nasdaq are down modestly, sharply reversing earlier gains. Tariff news caused the offshore yuan to weaken rapidly, potentially leading to capital flight from China to bitcoin. Analysts remain optimistic amidst heightened uncertainty and geopolitical tensions.

Bitcoin bulls are eyeing a potential devaluation of the yuan in response to tariffs, expecting capital flight to flow into bitcoin. Market conditions remain choppy with shallow liquidity exacerbating volatility. Directional trends are uncertain until more participants adjust to the environment.

Read more: Bitcoin Rally Stalls, but Sliding Yuan Could Be Bullish Catalyst