Bitcoin Holds Steady Near $85K as Market Volatility Cools; $90K Breakout Hinges on Macro Factors
Bitcoin’s price remained stable around $85,000 amid signs of decreasing market volatility, though analysts caution that macroeconomic uncertainties could delay its next major rally toward $90,000.
Bitcoin Price Flat Amid Signs of Cooling Volatility
Bitcoin has been relatively flat over the past 24 hours, hovering around $85,000. According to a BRN analyst, volatility may be cooling off in the crypto markets, but occasional dips are likely before Bitcoin breaks $90,000 again. BTC has proven sensitive to the uncertainty surrounding Trump’s tariffs, which could act as a brake on global growth, according to the World Trade Organization. Additionally, Federal Reserve Chair Jerome Powell has been accused of being too slow to react, prompting Trump to call for his termination and for interest rates to be cut.
DeFi TVL Dropped by $48 Billion in Q1 Amid Altcoin Decline
At the start of 2025, crypto enthusiasts anticipated a bullish market run due to U.S. President Donald Trump’s crypto-friendly policies. However, by the end of Q1 2025, the DeFi Total Value Locked (TVL) fell to $128.6 billion from $177.4 billion in Q4 2024. Similarly, the total crypto market cap dropped by 18.6%, losing $633.5 billion. Despite Bitcoin’s poor performance compared to traditional assets like US Treasury bills and gold, it continued to gain ground in overall crypto dominance.
Coinbase Premium Recovers as Bitcoin Eyes Big Breakout
Bitcoin may be finding its footing again after lifting off from a sharp decline earlier in the week. The latest market data shows that recent Coinbase Premium activity offers a positive outlook for market watchers. According to CryptoQuant’s report, the past few weeks have been rough across global digital asset markets due to increasing tariff tensions between the US and China, which shook investor confidence and led to a 30% fall in Bitcoin. However, there are signs of recovery as Coinbase Premium shows signs of strength and a key signal tied to US buying behavior improves.
Coinbase Warns of Potential New Crypto Winter
Coinbase has issued a warning about the potential for a new crypto winter, citing a steep decline in crypto valuations and a breakdown of key technical indicators. The crypto exchange’s April Monthly Outlook report noted that market signals are increasingly pointing to a prolonged downturn, marked by falling prices, reduced liquidity, and waning investor enthusiasm. The total crypto market cap, excluding Bitcoin (BTC), has plunged 41% since reaching a peak of $1.6 trillion in December 2024, now sitting at $950 billion. This drop coincides with a sharp pullback in venture capital investment, which remains down 50–60% from its 2021–2022 highs.
Oku Launches Bitcoin-Backed Lending and Borrowing on Corn Network with Morpho
Oku has enabled BTC-backed lending and borrowing on Corn Network, a BTCFi-focused network powered by Arbitrum Orbit. The launch of Morpho Protocol on Corn Network allows Bitcoin (BTC) users to engage in overcollateralized lending using BTCN, Corn’s native Bitcoin-backed token pegged 1:1 with BTC. This deployment unlocks new DeFi utility for Bitcoin holders, enabling them to borrow assets using BTC-backed collateral and earn returns on their Bitcoin holdings via Morpho’s lending markets.
Hyperliquid Averages $6.4B in Daily Trading Volume Over Past 3 Months
According to Blockworks Research, Hyperliquid has averaged $6.4 billion in daily trading volume over the past three months, which is just above 50% of the daily trading volumes of Bybit and OKX. The BTC open interest (OI) on Hyperliquid sits at $1.4 billion, which is 15% of Binance, 46% of OKX, and 25% of Bybit. Jupiter Perps, the closest competitor to Hyperliquid, averages $704 million in daily trading volume, 88% lower than Hyperliquid.
