Summing Up The Week

You would have had to been crazy to think that any of the datapoints released before Wednesday would have dramatically affected the markets one way or another. No, this week was always going to be about “Tariff Wednesday” and the jobs report on Friday, and that’s exactly how it played out.

Stocks were volatile Monday through Wednesday, trying to sell off initially only to have the Bulls buy the market up into its close. The tune changed after the bell on Wednesday when President Trump finally announced his tariff plans, sending everything lower.

Let’s take a look at the news that moved markets this week…

Market News

Trumps tariffs on everyone and everything

On Wednesday, President Donald Trump announced that he was slapping steep tariffs on many countries including a 10% baseline tariff across the globe, reported CNBC. Trump presented a chart outlining the reciprocal tariffs he’s imposing on other countries which also detailed the current tariffs and other trade costs those nations place on U.S. imports.

Trump touts his tariffs will usher in a “Golden Age of America” where he says more American jobs will be created as domestic production increases due to the tariffs. “We will supercharge our domestic industrial base, we will open foreign markets and break down foreign trade barriers,” Trump said from the Rose Garden. “And ultimately more production at home will mean stronger competition and lower prices for consumers. … We’re gonna come back very strongly.”

The markets, which had bizarrely rallied and finished in the green during Wednesday trading, imploded following Trump’s announcements with the S&P 500 down more than -3.00% and the Nasdaq down nearly -5.00% in extended-hours trading.

China unleashes 34% retaliatory tariff on U.S. goods

On Friday, China fired back against Trump’s tariffs by announcing a 34% tariff on all goods imported from the U.S. beginning April 10, reported CNBC. The selloff that seemed torrential on Thursday only got worse on Friday with investors panicking out of everything not nailed down.

Next Week’s Gameplan

Next week, we’ll receive inflation figures, consumer health reports, and, believe it or not, EARNINGS SEASON IS BACK ONCE AGAIN!

On Monday, we’ll get consumer credit followed by the Consumer Price Index (CPI) on Thursday and Producer Price Index (PPI) on Friday. Additionally, the minutes from the Federal Reserve’s March meeting will be released on Wednesday, although I don’t anticipate them to have said anything we didn’t expect.

And, yes, Q1 earnings season kicks off already on Friday with JPMorgan (JPM) and the other big banks reporting, so we’re headed into a time where markets will likely demonstrate incredible volatility with the constant stream of catalysts coming at us from every possible angle!

I’ll see YOU back here next Friday, friends!

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Crytpo Corner

Bitcoin Price Action

Bitcoin crashes back down to Earth! Will $80K hold?

When the tariff uncertainty and inflation data sent stocks roiling on Friday, it didn’t take long for the panic to spill over into Bitcoin. Bitcoin broke through last week’s low of $83,100.00 on Saturday, not bottoming until $81,265.16 on Monday. It also failed to make a higher weekly-high; last week’s $88,804.64 remains the high watermark now with Bitcoin reaching $88,530.00 on Wednesday during the bizarre rally that occurred in markets ahead of President Trump’s tariff announcement event.

I mean, seriously. Did markets actually believe Trump wasn’t going to initiate his tariffs?

Trump’s tariffs caused Bitcoin to roll over in a BIG way on Thursday, with Bitcoin barely holding the weekly low made on Monday – by $0.02 – stopping at $81,265.18.

The Bullish Case

Bulls were jumping up and down on Wednesday claiming that this was the big breakout everyone had been looking for, and that now was the last chance to buy Bitcoin under $90K. Right. I posted on X that I didn’t understand why anyone was buying any asset ahead of the tariff announcement and that post turned out to be prescient. The Bulls have been smacked hard, and if Bitcoin doesn’t hold support, we’re almost certainly headed below $80K again.

The Bearish Case

Bears have the upper-hand once more with Bitcoin being completely unable to break above key resistance. Combine the technical breakdown with the negative fundamental catalysts and there is no reason to believe Bitcoin will become bullish anytime soon.

Maybe Fundstrat’s crypto analyst who believed Bitcoin would hit $62K in March was just a month early?

Bitcoin Trade Update

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Not Your Keys, Not Your Crypto…

In light of brokerage failures in 2022, I no longer keep any of my crypto on an exchange and I only keep enough USD on the exchanges I use to execute my next few buys. I use multiple cold wallets from the brands Ledger and Trezor to hold my crypto (click the links to access the direct sites, and I receive no affiliate benefits from these links).

Additionally, I have now divided my allocated USD between two different exchanges – Gemini and Coinbase – in case one (or both) becomes insolvent. Disclaimer: We both receive a bonus if you use my Gemini referral link to open an account.

I do not trust anyone in the space, even with Coinbase (COIN) being publicly traded (and one of my own Investments in Play positions).

No price target is unrealistic in the cryptocurrency space – Bullish or Bearish.

While traditional stock market investors and traders may think the price targets in the cryptocurrency space are outlandish due to the incredible spread (possible moves include drops of -90% or more and gains of +1000% or more), Bitcoin has demonstrated that, more than any speculative asset, its price is capable of doing anything.

Here are some of Bitcoin’s price movements over the past couple of years:

• In 2017, Bitcoin rose +2,707% from its January low of $734.64 to make an all-time high of $19,891.99 in December.
• Then, Bitcoin crashed nearly -85% from its high to a December 2018 low of $3128.89.
• In the first half of 2019, Bitcoin rallied +343% to $13,868.44.
• In December, Bitcoin crashed -54% to a low of $6430.00 in December 2019.
• In February 2020, Bitcoin rallied +64% to $10,522.51.
• In March , Bitcoin crashed nearly -63% to a low of $3858.00, mostly in 24 hours.
• Then, Bitcoin rallied +988% to a new all-time high of $41,986.37 in January 2021.
• Later in January 2021, Bitcoin dropped -32% to a low of $28,732.00.
• In February, Bitcoin rallied +103% to a new all-time high of $58,367.00.
• Later in February, Bitcoin dropped -26% to a low of $43,016.00.
• In April , Bitcoin rallied +51% to a new all-time high of $64,896.75.
• In June , Bitcoin crashed -56% to a low of $28,800.00.
• In November, Bitcoin rallied +140% to a new all-time high of $69,000.00.
• In November 2022, Bitcoin crashed -78% to a low of $15,460.00.
• In April 2023, Bitcoin rallied +101% to a high of $31,050.00.
• In June, Bitcoin dropped -20% to a low of $24,750.00
• In July, Bitcoin rallied +29% to a high of $31,862.21.
• In September, Bitcoin dropped -22% to a low of $24,900.00.
• In January 2024, Bitcoin rallied +97% to a high of $49,102.29.
• Later in January, Bitcoin dropped -22% to a low of $38,501.00.
• In March, Bitcoin rallied +92% to a new all-time high of $73,835.57.
• In August, Bitcoin dropped -33% to a low of $49,050.01.
• In January 2025, Bitcoin rallied +150% to a new all-time high of $109,358.01.
• In March, Bitcoin dropped -30% to a low of $76,550.00.

Where will Bitcoin go from here? Truly, anything is possible…

What if Bitcoin’s headed to zero?

The only reason I speculate in the cryptocurrency space is I truly believe Bitcoin isn’t headed to zero.

I am prepared for that possibility, however, by knowing I could potentially lose all of the capital I’ve allocated to this speculative investment. Professional advisers recommend speculating with no more than 5% of an investor’s overall assets. Personally, I’ve allocated less than that to speculating in crypto.

I feel that anyone who doesn’t fully believe in the long-term viability of cryptocurrency would be better served not speculating in the space.

On a good day, this asset class isn’t suitable for those with weak stomachs. On volatile days, the sector can induce nausea in the most iron-willed speculator. If a speculator isn’t confident in the space, the moves will cause mistakes to be made.

DISCLAIMER: Anyone considering speculating in the crypto sector should only do so with funds they are prepared to lose completely. All interested individuals should consult a professional financial adviser to see if speculation is right for them. No Get Irked contributor is a financial professional of any kind.