US stocks, cryptocurrencies erase early gains as tariff negotiation optimism wavers

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Bitget Academy2025/04/09 04:54

By:Bitget Academy

US equities and cryptocurrencies stalled Tuesday afternoon, reversing earlier gains after the White House dashed hopes that international tariff negotiations were on the table.

The S&P 500 and Nasdaq Composite — after rallying more than 4% each at the start of the session — were back in the red by the close, ending the day about 2% and 1% lower, respectively. Bitcoin and ether were trading 4% and 6% lower on the day at 4 pm ET. Bitcoin, which briefly appeared insulated from the broader market selloff, is now down more than 12% since President Trump’s “Liberation Day” announcement.

Tuesday’s early stock rebound appeared to be spurred by optimism that Trump may walk back aggressive global tariffs unveiled last week. Treasury Secretary Scott Bessent said during a Tuesday morning CNBC appearance that there may be “some good deals” on the table. The rally then stalled when hours later Trump confirmed that tariffs as high as 104% on Chinese imports will go into effect at midnight, unless Beijing reverses its retaliatory tariffs on the US.

Investors continue to try and parse through mixed messages from the Trump administration about the permanence of tariffs, and the likelihood of any deals with foreign nations.

Source: Blockworks

Futures Market Updates

Futures activity for both Bitcoin and Ether has cooled significantly with sharp declines in volume and open interest after heavy liquidations.

Bitcoin Futures Updates

Total BTC Open Interest: $50.76B (-1.88%)

BTC Volume (24H): $140.94B (-35.54%)

BTC Liquidations (24H): $109.04M (Long)/$29.33M (Short)

Long/Short Ratio: 49.31%/50.69%

Funding Rate: 0.0019%

Ether Futures Updates

Total ETH Open Interest: $16.92B (-4.12%)

ETH Volume (24H): $67.09B (-36.67%)

ETH Liquidations (24H): $81.41M (Long)/$27.57M (Short)

Long/Short Ratio: 49.10%/50.90%

Funding Rate: -0.0062%

Top 3 OI Surges

GAS: $35.61M (+435.56%)

FORTH: $21.84M (+276.42%)

RFC: $1.31M (+258.01%)

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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