Post-Tariff Shock Hits U.S. Consumers Hard — No Major Impact on Crypto

Gold Rockets to Record High as U.S. Confidence Collapses and Inflation Fears Surge

Global markets were jolted Friday as gold soared to an unprecedented $3,240 per ounce, fueled by a collapsing U.S. dollar, a Treasury bond selloff, and a growing sense that the U.S. economy may be heading into rough waters.

The trigger? A double dose of bad news: a dramatic drop in consumer confidence and a major spike in inflation expectations. According to the latest University of Michigan survey, sentiment sank to 50.8 in April from 57.0 in March—flirting with multi-year lows not seen since the depths of the COVID crisis. Meanwhile, expectations for inflation one year out jumped to a scorching 6.7%, the highest since 1981.

Investors wasted no time fleeing long-term U.S. bonds and the greenback. Yields on the 10-year Treasury ripped past 4.55%, while the U.S. Dollar Index (DXY) tumbled below 100—a level it hasn’t seen in three years.

Gold wasn’t the only asset benefiting from the turmoil. Cryptocurrencies also caught a bid. Bitcoin (BTC) climbed 4% to trade above $82,000, and the CoinDesk 20 Index gained 3%. Altcoins like Solana (SOL) and Avalanche (AVAX) led the way with 6% rallies.

Stocks, by contrast, were mostly quiet after a turbulent week. The Nasdaq inched higher by 0.6%, offering a rare moment of stability in an otherwise frantic market.

What’s Really Driving the Chaos?

Market watchers are divided. Some warn that traditional signals are flashing red for the economy, while others believe what’s happening is more about leverage than macro deterioration.

“We’re seeing extreme volatility in U.S. government debt and the dollar—assets that are supposed to be reliable shelters,” said Noelle Acheson, author of Crypto is Macro Now. “But this disruption seems concentrated in U.S.-centric markets, not global ones.”

Billionaire hedge fund manager Bill Ackman added his voice, suggesting that behind-the-scenes mechanics may be fueling the storm.

“This looks like a classic case of leveraged trades unraveling,” Ackman posted on X. “Markets are being driven by technical flows, not fundamental shifts, which makes short-term signals very unreliable.”

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