On April 8th, according to The Block, analysts stated that Monday's sell-off in the cryptocurrency market was mainly driven by global macro factors rather than issues within the cryptocurrency market itself. Dr. Kirill Kretov, a senior automation expert at CoinPanel, said in an interview with The Block: "We are in a period of increasing global uncertainty. Tariff conflicts are escalating, geopolitical hot spots are frequent, and macro signals are contradictory. These factors are converging. In this environment, investors are withdrawing from risky assets and turning to assets that are considered safer, such as U.S. treasury bond bonds and gold. Cryptocurrencies, especially counterfeit currencies, bear the brunt of the pressure."
Despite the market experiencing a sell-off, some analysts still believe that there is a possibility of a rebound in the short term. BRN analyst Chu said that oversold conditions may trigger a rebound this week, depending on the upcoming economic data.
Chu said, "As risk assets become increasingly oversold in the short term, there may be some short-term relief in the next one or two days. With the release of the Federal Reserve FOMC meeting minutes on Wednesday, the release of US CPI and initial jobless claims on Thursday, and the release of PPI and Michigan University consumer confidence and inflation expectations data on Friday, the market may experience a 'Dead Cat Bounce' that lasts for at least a few weeks and may start as early as Wednesday
