Bitcoin’s spot price could take a hit after the US Federal Reserve reported some of the worst manufacturing data in recent history, according to several cryptocurrency analysts.

On April 17, the Philadelphia Federal Reserve Manufacturing Index — a monthly survey of 250 US-based manufacturers —

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However, Bitcoin has been more resilient to recent macroeconomic shocks than stocks or other cryptocurrencies, Binance said in an April research report. 

Since Trump announced his tariff plans on April 2, Bitcoin has traded roughly flat after initially declining but more than 10%, Google Finance data shows. Meanwhile, the S&P 500 — an index of US stocks — is still down by around 7%. 

“Even in the wake of recent tariff announcements, BTC has shown some signs of resilience, holding steady or rebounding on days when traditional risk assets faltered,” Binance said. 

Trump initially sought to impose double-digit levies on virtually all foreign goods but later paused planned tariffs on certain countries. 

He still wants to place high taxes on many Chinese imports, causing concerns among crypto executives who fear a trade war could harm blockchain networks. 

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