Leading cryptocurrencies held steady Thursday, even as President Donald Trump's tariff moves battered stock markets.

What Happened: Bitcoin dipped below $82,000 in the early trading hours but recovered to trade above $83,000 by evening. Ethereum followed a similar U-shaped trajectory, falling to a low of $1,750 before regaining $1,800 later in the day.

Bitcoin continued to witness capital rotation away from altcoins, with its market dominance rising to 62%. In fact, CoinMarketCap's Altsoin Season Index flashed a "Bitsoin Season" as of this writing.

Nearly $247 million was liquidated from the market in the last 24 hours, with more than $170 million in upside bets wiped out.

Bitcoin's Open Interest mirrored spot price moves, marginally gaining 0.63% in the last 24 hours.

The Long/Short Ratio fell sharply, suggesting an increase in traders betting against Bitcoin's price increase.

The market sentiment improved from "Extreme Fear" to "Fear," according to the Crypto Fear and Greed Index.

Top Gainers (24 Hours)

The global cryptocurrency market capitalization stood at $2.67 trillion, following a decrease of 0.12% in the last 24 hours.

Stocks suffered their worst rout in more than five years as the Dow Jones Industrial Average crashed 1,679.39 points, or 3.98%, to close at 40,545.93. The S&P 500 tumbled 4.84%, ending at 5,396.52. The two blue-chip averages recorded their worst single-day declines since June 2020. The tech-heavy Nasdaq Composite plummeted 5.97% to end at 16,550.61.

Thursday's sell-off came in reaction to Trump's worse-than-expected reciprocal tariff rollout, heightening fears of a full-blown trade war and economic slowdown. Spot gold eased after hitting an all-time high of $3,167.57 earlier in the day.

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Analyst Notes: Popular blockchain analytics firm Santiment said Bitcoin was "relatively insulated" from tariff-fueled volatility due to its "intangible and borderless nature."

"Unlike traditional stocks, cryptocurrencies aren’t typically impacted by trade disruptions or international supply chain concerns triggered by political decisions," Santiment stated, while acknowledging some volatility owing to linkages to global economic health.

According to the firm, Bitcoin showed "notable resilience" in the face of market uncertainty, remaining in a bullish trend despite the potential for macroeconomic instability to influence cryptocurrency prices.

Further, the firm's analysis revealed that Bitcoin was displaying "less volatility than stocks in recent times."

"The cryptocurrency market usually reacts to macroeconomic shifts with a slight delay, and any substantial price drops in crypto can be attributed to traders' liquidations as they respond to sudden market volatility," Santiment added.

In a separate note, BitMEX co-founder Arthur Hayes predicted that the tariffs would be good for Bitcoin.

"Global imbalances will be corrected, and the pain papered over with printed money, which is good for BTC," Hayes said, expecting higher fiat liquidity growth in the future.