Bitcoin Shows Stability Despite Negative Economic Data and Growing Tensions Between India and Pakistan
Tom Carreras | Edited by Steven Alpher Updated April 28, 2025, 8:18 PM Published April 28, 2025, 7:57 PM
Bitcoin (BTC) fell early in the U.S. trading session but was generally resilient amid unfavorable macroeconomic news.
The top cryptocurrency ended the day trading just below $95,000, up 0.5% over the past 24 hours. The CoinDesk 20 — an index of the 20 largest cryptocurrencies by market cap, excluding meme coins, exchange tokens, and stablecoins — has remained roughly flat over the same period.
Crypto stocks like Coinbase (COIN), Strategy (MSTR), and miners all lost some ground after recent gains. Notable exceptions included Janover (JNVR) and DeFi Technologies (DFTF), which rose 24% and 6.5%, respectively, even as SOL, a token both companies are actively accumulating, fell about 3% on the day in the U.S.
Meanwhile, gold rose nearly 1%, while the dollar index fell 0.6%. The S&P 500 and Nasdaq peaked in the green late in the session after earlier declines of more than 1%.
The Dallas Fed’s usually overlooked manufacturing index fell to -35.8 from -16.3 last month, well below analysts’ expectations of -14.1 and the worst reading since COVID upended the global economy.
“Pretty awful Dallas Fed production report. Levels hit their lowest since May 2020,” Joe Weisenthal, co-host of the Odd Lots podcast, wrote in X. “All the commentary on tariffs and political uncertainty. Add this to the list of bad program/survey data.”
Hostilities between India and Pakistan could also add to market turmoil, with Pakistani Defence Minister Khawaja Muhammad Asif saying an Indian military incursion into Pakistan was imminent. Last week, 26 people were killed in a suicide bombing in Pahalgam, a popular tourist destination in Indian-controlled Kashmir. The two countries have since exchanged fire.
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