According to a recent report from CoinDesk, the digital asset market has experienced a significant decline, with over $160 billion wiped out from the total cryptocurrency market cap since Friday. This has been attributed to a combination of factors, including President Trump’s tariff threats, global economic concerns, and a lack of clear catalyst for the market to rebound. However, there may be some hope on the horizon as April has historically been a bullish month for crypto, with an average 27% return for bitcoin since 2010. This makes it the third-best month for bitcoin, following November and May. CoinDesk analyst Omkar Godbole suggests that this seasonality, coupled with other positive indicators such as a halt in selling by long-term holders, could signal a potential turnaround for the market. However, there is a potential risk in the form of the defunct exchange Mt. Gox, which has been transferring large amounts of bitcoin to centralized exchanges, potentially causing fear of creditors’ liquidations. Deribit CEO Luuk Strijers warns that this could lead to temporary selling pressure or market volatility. Despite these challenges, some experts believe that now is a good time to buy bitcoin, as it has been historically undervalued.
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