u.today
04 April 2025 21:16, UTC
Bitcoin, the leading cryptocurrency by market capitalization, has managed to outperform the tech-heavy Nasdaq 100 index on a year-to-date basis.
The Nasdaq 100 has plunged by more than 16% since the start of the year. Meanwhile, Bitcoin is down by nearly 12%.
$BTC ACTS AS BOND PROXY IN MARKET TURMOIL OVER PAST WEEK pic.twitter.com/OK4qGXPqPl
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Bitcoin's decoupling from the U.S. equities market is shaping up to be one of the biggest stories of a tumultuous week.
The cryptocurrency is up by nearly 3% over the past 24 hours despite the fact that the S&P 500, the flagship index that tracks the performance of the top 500 companies, is down by a staggering 5.47% in just one trading session. The index is now down 8% over the past five days.
Bitcoin, however, is flat on a weekly basis. Despite immediately plunging following the tariff announcement, the leading cryptocurrency by market cap ended up showing impressive resilience, together with the broader crypto market.
Notably, the gold price has also plunged in tandem with stocks even though the yellow metal is supposed to be uncorrelated.
XRP and SOL are both up by more than 5%, benefiting from Bitcoin's overperformance.
The shares of Strategy(MSTR) are also up by 2.5% despise the fact that all major stock market indices have collapsed.
"This is totally going to freak TradFi analysts out," former reinsurance broker Jeff Walton said.
Eric Balchunas, Bloomberg's leading ETF analyst, described Bitcoin's resilience as a "minor miracle."
