Bitcoin Climbs to $86.8K Amid Stock Market Slump and Gold Surge

Bitcoin (BTC) surged 2.3% in the past 24 hours, reaching $86,800 for the first time since April 3, defying broader market weakness driven by tariff concerns. The rise comes as U.S. equities plunge, with the S&P 500, Nasdaq, and Dow Jones down over 3% each. Meanwhile, the CoinDesk 20 Index, boosted primarily by BTC, gained 1.17% as most altcoins remained flat.

Crypto-related stocks like Coinbase (COIN) and MicroStrategy (MSTR) dipped slightly, while major miners such as MARA, RIOT, and CORZ saw 2–3% declines. However, Bitcoin’s resilience stands out as gold also rallied 2.9% to $3,400, and the U.S. Dollar Index (DXY) hit a three-year low.

Analysts at QCP Capital noted the parallel rise in BTC and gold could signal a growing shift in perception of Bitcoin as a safe-haven asset. The firm emphasized the importance of tracking the evolving correlation between Bitcoin, gold, and equities, especially as European markets remain closed for the Easter holiday.

Lawrence McDonald, former head of U.S. Macro Strategy at Société Générale, highlighted BTC’s strength in the face of a spiking VIX near 30, calling it a "game-changer" and a sign of "colossal fiat stress."

Investor sentiment may also be rattled by political developments. President Donald Trump escalated attacks on Federal Reserve Chair Jerome Powell, demanding immediate rate cuts amid claims of low inflation. Trump’s push to fire Powell—despite legal barriers—adds further uncertainty to U.S. financial markets.

With BTC outperforming traditional assets, its role as a hedge in turbulent markets is gaining attention, underscoring the evolving dynamics of the crypto market.