Source: Cointelegraph Original: "{title}"
Binance Research stated that despite a global market sell-off leading to a sharp decline in stocks and the broader cryptocurrency market after U.S. President Trump imposed comprehensive tariffs on U.S. imports last week, Bitcoin still shows "signs of resilience."
As of April 7, Bitcoin rose nearly 1%, approaching $79,000. Meanwhile, according to Google Finance, the S&P 500 index—a measure of large U.S. stocks—remained essentially flat, while recent gold futures fell by about 1.5%.
The world's largest cryptocurrency exchange, Binance, noted in its research report on April 7: "Even after the recent tariff announcement, Bitcoin has shown some resilience, remaining stable or even rebounding on days when traditional risk assets have declined."
It is worth noting that the number of long-term Bitcoin holders continues to rise, "reflecting that investors have shown confidence amid recent volatility, with almost no panic selling," Binance stated.
On April 2, Trump announced that he would impose tariffs of at least 10% on most imported goods and additional "reciprocal" tariffs on goods from 57 countries.
Since then, major U.S. stock indices, including the S&P 500 and Nasdaq, have fallen by more than 10%, with the market anticipating a new trade war.
Although Bitcoin's decline still exceeds that of the stock market, at about 12%, its performance is still better than the total market capitalization of the entire cryptocurrency market, which has dropped about 25% since April 2.
The report stated: "Now, with the emergence of reciprocal tariffs and the global market adapting to expectations of long-term trade fragmentation, whether Bitcoin can re-establish its narrative as a 'safe-haven asset' will become particularly critical."
Source: Binance Research
Changes in Asset Correlation
Binance stated that Bitcoin's correlation with gold has remained low—gold has historically been viewed as the ultimate safe-haven asset during periods of high macroeconomic uncertainty—with an average correlation coefficient of only 0.12 over the past 90 days.
In contrast, the correlation between cryptocurrencies and stocks is higher, at 0.32. However, the exchange noted: "Despite significant short-term volatility, Bitcoin may still have the opportunity to re-establish its more independent macro attributes."
The report pointed out: "The key question is whether Bitcoin can return to its historically low correlation with the stock market."
Source: Binance Research
Currently, Binance stated that gold seems to be the preferred safe-haven asset among fund managers.
Binance cited a survey showing that 58% of respondents indicated they would prefer to hold gold during a trade war, while only 3% chose Bitcoin.
"Market participants will closely watch whether Bitcoin can maintain its appeal as a non-sovereign, permissionless asset in a protectionist global economy," Binance stated.
Related: Despite Bitcoin falling below $87,000, Michael Saylor's Strategy remains on hold for purchases.
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