U.S. stocks finally showed a strong rebound yesterday. The University of Michigan’s consumer survey data indicated that the consumer confidence index in the United States plummeted from 64.7 in February to 57.9 in March 2025. However, for the market, any day without Trump’s tariff comments is a good day. The cryptocurrency market rebounded alongside other risk assets. Bitcoin surged to $85,309 last night, with the top ten cryptocurrencies by market capitalization, except for TRX, seeing increases ranging from 1.4% to 7.4% over 24 hours.
No news is good news, as U.S. stocks staged a “scared-cat bounce.” The rebound in the stock market temporarily eased the tension among equity investors, but the consequences of Trump’s political maneuvers continue to shake global markets and leave American consumers feeling uneasy. With government leaders reaching consensus on a massive defense spending plan, German bond yields soared, and the ultimate safe-haven asset—gold—broke through $3,000 for the first time.
(Investment banks raise gold price targets; Peter Schiff: Sell Bitcoin and buy gold)
The S&P 500 index rose by 2.1%, marking the largest increase since the November presidential election, yet it still recorded a fourth consecutive weekly decline, the longest streak since last August.
Data from the University of Michigan released on Friday showed that the U.S. consumer confidence index fell from 64.7 in February to 57.9 in March 2025, the lowest since November 2022.
Ed Yardeni, founder of Yardeni Research, described yesterday’s rebound as a “scared-cat bounce”: “For the market, any day without Trump’s tariff comments is a good day.” The market also rose due to concerns that a government shutdown would not occur. Once we see the stock market rise on a day or days when Trump again loudly promotes tariffs, we will be more inclined to believe the market has bottomed out.
Bitcoin surged to 85K
The cryptocurrency market rebounded alongside other risk assets. Bitcoin briefly soared to $85,309 last night, increasing over 3% in 24 hours. Bloomberg ETF analyst Eric Balchunas noted that despite experiencing a painful 25% drop, more than 95% of Bitcoin ETFs that are cash-in-hand remain strong, as the baby boomer generation demonstrates how they manage to paddle through like ducks. He emphasized that this is not foolish money, but rather engaged in wealth creation. These individuals have not chosen to exit; the U.S. stock market remains their primary investment, while Bitcoin is like a bit of hot sauce at 1-2%, making life more interesting and healing potential future FOMO.
(Retail investors continue to buy low; the market has yet to find a bottom. Is the “retail investor contrarian indicator” still valid?)
The top ten cryptocurrencies by market capitalization, except for TRX, all saw increases ranging from 1.4% to 7.4% over 24 hours.
Data Source: CoinGecko
Risk Warning: Cryptocurrency investments carry high risks, with prices potentially experiencing extreme volatility, leading to a total loss of principal. Please evaluate risks cautiously.