Bitcoin (BTC) Surges Back Above $95K After Initial Drop in the U.S.

Bitcoin (BTC) experienced a slight drop at the start of the U.S. trading session but remained largely stable amidst unfavorable macroeconomic reports.

Later in the day, Bitcoin was trading just under $95,000, reflecting a 0.5% increase over the last 24 hours. The CoinDesk 20 index, which tracks the largest cryptocurrencies by market capitalization (excluding memecoins, exchange tokens, and stablecoins), remained mostly unchanged during this period.

Shares in cryptocurrency-related firms, including Coinbase and MicroStrategy, saw small declines following last week’s significant gains. However, companies like Janover and DeFi Technologies posted gains of 24% and 6.5%, respectively, despite a roughly 3% decline in SOL, the token they are actively acquiring, during the U.S. trading hours.

In other markets, gold prices climbed by nearly 1%, and the dollar index retreated 0.6%. The S&P 500 and Nasdaq indices surged into positive territory late in the day after earlier dips exceeding 1%.

A notable economic indicator, the Dallas Fed Manufacturing Index, dropped drastically to -35.8 from -16.3 the previous month, falling short of analysts’ expectations of -14.1 and marking the poorest performance since the onset of the COVID pandemic affected the global economy.

Commenting on the situation, Joe Weisenthal, co-host of the Odd Lots podcast, noted the grim Dallas Fed Manufacturing Survey results, indicating it’s the lowest since May 2020. He pointed to comments about tariffs and uncertainty in policies, highlighting a growing list of poor soft and survey data.

Rising tensions between India and Pakistan have likely contributed to widespread market anxiety, following claims by Pakistani Defense Minister Khawaja Muhammad Asif regarding an anticipated Indian military incursion into Pakistan. This comes on the heels of a recent terrorist attack in Pahalgam, a popular tourist area in Indian-controlled Kashmir, which claimed 26 lives, leading to both countries exchanging gunfire.