PANews reported on April 7 that according to DL News, Bitcoin fell 10% in the past 24 hours, trading at just below $74,700, as US President Trump's trade war continues to hit global markets. Geoff Kendrick, head of digital asset research at Standard Chartered Bank, warned: "The trend of cryptocurrencies on Sunday often predicts the performance of the stock market on Monday. If the rule comes true, today's opening will be very tragic." Last Friday, the Nasdaq 100 index plummeted 5%, and the Dow Jones index plummeted more than 2,200 points. CNBC "Mad Money" host Jim Cramer directly pointed out that this was a "man-made devastating crash", and its trend was strikingly similar to the first three days of "Black Monday" in 1987.

Despite the market turmoil, Kendrick believes that Bitcoin will benefit in the long run. He expects Bitcoin to soon rise back to the $84,000 level last Friday, proving that although it is not "digital gold", it still has the function of hedging during market turmoil. Kendrick emphasized in the report: "Bitcoin will become a hedging tool for tariff risks in this round of trade wars. The US isolationist policy increases the risk of holding fiat currency, which will ultimately benefit Bitcoin."