Bitcoin has overtaken gold over the past 36 hours, reaching $88,500, reaching 4.4%.
This move comes as the US has hit 3,521% on solar panels in Southeast Asia, rekindling fears of new trade frictions with China and rattles cross-asset sentiment.
Around BBC Newsthe duties reflect Washington’s accusations that Chinese companies have avoided existing tariffs by routing exports through countries such as Cambodia, Malaysia, Thailand and Vietnam.
Flights to hard assets deepen as Treasury sales build
The simultaneous rise in Bitcoin and Gold suggests a broader hard asset preference rather than traditional risk-on movements. It started in the second half of the US and followed during the Asian sessions by a two-wave climb of Bitcoin, which was alongside record-breaking prints in gold, close to breaking $3,500 in Asian trades.
Meanwhile, the stock market remained sustained. The S&P 500 futures slipped 0.51%, partially boosting the 1.5% recovery on Monday, but the bond market reflects a rise in yields.
The US 10-Year Treasury bills saw a 0.51% drop in prices and yields increased by around 7 basis points to 4.49%. A similar move was not reflected in Chinese government bonds. There, the 10-year yield was close to 2.33%. The fork reinforces the view that inflation and supply-side concerns overpower normal bids for safety across both economies.
The correlation between Bitcoin and gold on the window reached +0.78, and the price correlation between BTC and US10 moved to -0.61, reflecting the differences in assets from traditional fairness and bond behavior.
These metrics give weight to Bitcoin’s positioning as a hedging asset under obsession, especially in scenarios where both sovereign credit and equity drawdown occur simultaneously.
Interactions between tariff fallout and renewable mining
The taxation of solar panels has an impact beyond geopolitics, touching on core debates within the Bitcoin ecosystem. As US-based miners increasingly rely on renewable energy sources, particularly solar power sources, the overall cost structure of Texas, Kentucky and the Southwest could face upward pressures. This raises questions about the marginal economics of mining and whether tariff news has been factored into recent price action.
Around CME Groupopen interest in Bitcoin futures rose 8% at an Asian-led rally, bolstering the paper that the second push was convicted rather than a passive spillover from the stock market.
Previous inflection points of $87,019, $87,707, and $88,434 captured both resistance and support zones in the session. Cryptoslate carefully looks at the $88,434 pivot as an upward facing potential launch pads and is considered to close daily above that line and open a pass for further momentum.
In contrast, the oil remained detached from the hard asset pairing. West Texas intermediate crude in June was just $64 per barrel, a modest setback from Monday’s 18-month low. Muted movements signal technical stabilization rather than align with the inflation hedge narrative surrounding Bitcoin and gold.
The policy background adds more context. The recent comments from former President Trump targeted Federal Reserve Chairman Jerome Powell, urging immediate interest rate cuts and expressing concerns about central bank independence and policy stability. Rhetoric has contributed to the weakness in the bond market, adding fuel to unhindered assets bids.
Regional flow patterns confirm the role of Asian pricing
As the second round of Bitcoin moves unfolded during the Singapore and Hong Kong sessions, the growing influence of Asia in crypto prices has become more pronounced.
This pattern deviates from the post-ETF launch paradigm, with Western institutional desks dominating directional movements. Currently, CME and other derivatives markets reflect activity in Asia, making regional flow interactions difficult to ignore.
Cross-asset relationships in windows also deviated from traditional macro templates. The 36-hour rolling correlation between Bitcoin and the S&P 500 ETF (SPY) hovered around -0.26, reinforced the narrative that Bitcoin ultimately behaves independently of stocks, even if the Treasury and stocks were sold in parallel.
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(TagStoTRASSLATE)Bitcoin (T)Asia (T)China (T)US (T)Analysis (T)Macro (T)Politics
