Bitcoin Holds Steady at $83,000 Amid Nasdaq’s Decline
Bitcoin (BTC) shows signs of decoupling from the Nasdaq amid its recent decline. As the Nasdaq fell 6% and then another 5%, Bitcoin remained stable around $83,000, up 1% in the last 24 hours and down only 3.5% since President Trump's tariff announcement.
Key points include:
- Bitcoin outperforms crypto stocks like Coinbase, MicroStrategy, and miners, which are down by double-digit percentages.
- The broader crypto market is strengthening, with the CoinDesk 20 Index rising, led by XRP, Solana's SOL, and Cardano's ADA, each gaining 4%-5%.
- David Hernandez from 21Shares noted Bitcoin's resilience as a macro hedge during economic stress.
- Geoff Kendrick from Standard Chartered described Bitcoin as a potential hedge against market panic and US isolation.
- Sean Farrell from Fundstrat suggested the strength might be linked to corporate investments in Bitcoin.
If this trend continues over the weekend, further analysis may be necessary regarding Bitcoin's market position.