Bitcoin (BTC) surpassed most major tech stocks on April 3rd and April 4th, as the market was caught up in the sudden loss of the so-called “magnificent Seven” (MAG7).
Jeffrey Kendrick, standard chartered director of digital asset research, said that Bitcoin’s relative resilience indicates an increase in its role as a dual purpose asset.
In an April 4th research note shared with Cryptoslate, Kendrick highlighted that all seven tech giants were red, with Nvidia, Google and Meta falling nearly 8%.
In contrast, Bitcoin and Microsoft recorded a Milder decline at about 3%, and Ethereum (ETH) is also superior to most MAG7s.
Kendrick said:
“The strongest performers have been MSFT and BTC. So far, they’ve been the same with BTC Spot and Tech Futures.”
High-tech proxy and wider hedge
Kendrick argued that Bitcoin’s strong performance compared to the current legacy market indicates that the differences are not a one-off event.
Kendrick said Bitcoin “trades more like a tech stock in most cases than gold,” suggesting that BTC tends to rise and fall along with risk-on assets. However, he emphasized that its usefulness exceeds mere speculative advantages.
In moments of structural stress in traditional finance, such as the collapse of Silicon Valley Bank in March 2023, Bitcoin served as a hedge, providing investors with an alternative to banking sector exposure. Kendrick classified this as the usefulness of Bitcoin as “Tradfi hedge.”
Kendrick believes new use cases are emerging. It is a hedge against “US isolation.” He does not define the term, but perhaps refers to an increase in geopolitical decoupling, concerns about US economic domination, or an increase in narratives of decoupling.
Kendrick further argued:
“I think we can add a ‘Organized’ hedge to our Bitcoin usage list over the last 36 hours. ”
Critical resistance in front of you
Kendrick said Bitcoin could be approaching a significant technical breakout following a positive US labor market report on April 4th.
According to Kendrick:
“If you go above the 85,000 level on the way past the important post-salary $85K level, you can return to the pre-stressed level of $88.5,000 starting Wednesday (possibly this weekend).”
He concluded that Bitcoin proves to be “the best high-tech.” It benefits when growing stocks gather together, while offering defensive traits across multiple market structures. He concluded his analysis with a simple message for long-term followers of Bitcoin.
“Hodl.”
When reporting 9:04pm, UTC on April 4, 2025Bitcoin ranks number one in terms of market capitalization, and prices are rising 2.49% Over the past 24 hours. Bitcoin’s market capitalization is $1.67 trillion, with 24-hour trading volume of $463.6 billion. Learn more about Bitcoin›
When reporting 9:04pm, UTC on April 4, 2025the Crypto market totals $2.69 trillion, with a 24-hour volume of $1065.2 billion. Bitcoin’s advantage is currently 62.02%. Crypto Market Details›
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