Markets, Bitcoin, decline, Nasdaq, Markets, Stocks Despite steep declines in U.S. equities, bitcoin reveals stunning energy, holding above key technical ranges.
The U.S. stock-market slide prompted by President Donald Trump’s global tariff announcement on Wednesday despatched the Nasdaq Composite Index into definitely one in every of its largest funks as a result of the start of the century.
The tech-heavy index lost 5.5% on Thursday, merely exterior the very best 20 worst single-day drawdowns since 2000, in accordance with Investing.com. Most of the largest drawdowns occurred by way of the dot-com crash of 2000-2001 and the 2008 worldwide financial catastrophe. Other equity measures moreover suffered, with the S&P 500 index falling just about 5%.
In distinction, the bitcoin (BTC) worth, which is usually correlated with U.S. equities over temporary timeframes, bucked the event. The largest cryptocurrency, which tumbled immediately after the announcement whereas stock markets have been closed, rose 0.7% the following day, with momentum carrying into Friday, in accordance with Glassnode information.
Bitcoin is now shopping for and promoting above $84,000 in distinction with about $87,000 sooner than Trump started speaking. Nasdaq futures, within the meantime, are lower ahead of the U.S. jobs report due later inside the day.
Bitcoin made its 2025 low in mid-March at spherical $76,000, whereas the Nasdaq hit a low on Thursday. Year-to-date, bitcoin is outperforming the Nasdaq, dropping 10% in opposition to the index’s 11%.
Analyst Caleb Franzen highlighted bitcoin’s relative energy in distinction with the S&P 500 on this risk-off setting, noting its resilience throughout the 200-day shifting frequent.
“It’s pretty remarkable to see that bitcoin is up +3.4% today relative to the S&P 500, particularly in a risk-off environment. As I’ve recently pointed out, BTC/SPY continues to hold above its 200-day moving average cloud,” Franzen talked about in a put up on X.
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