Bitcoin Rises Over 1% While S&P 500 Falls More Than 6%
The stock market experienced a significant decline, with the S&P 500 dropping over 6% in the past week. In contrast, Bitcoin saw a slight increase of over 1%. The Nasdaq faced one of its largest drops in 25 years, yet Bitcoin remained stable despite being far from its early-year highs above 100,000.
Key developments include:
- Bitcoin's status as either a risk asset or a safe haven remains under scrutiny amid market volatility.
- Circle, issuer of the second-largest stablecoin, USDC, filed for an IPO.
- A U.S. House committee advanced a stablecoin bill with notable support from Democrats.
- Fidelity Investments plans to introduce an IRA that allows direct investment in crypto for retirement accounts.
- Corporate buyers like Metaplanet, Mara, and Tether continue to accumulate Bitcoin at current prices.
- Ethereum developers scheduled the Pectra upgrade for May 7.
- Ripple reported high demand for its new stablecoin RLUSD.
- Paul Atkins is nearing confirmation as SEC Chair, while a key advocate departs the Blockchain Association for a Solana-focused organization.
Overall, the industry shows signs of growth amid a challenging macroeconomic backdrop.