Bitcoin Surges to $86,800 as Stock Market Declines Continue
Bitcoin (BTC) is up 2.3% in the last 24 hours, trading at $86,800, marking its highest level since April 3. The CoinDesk 20 Index also increased by 1.17% during this period, with most tokens remaining stable.
Key points:
- Crypto-linked stocks such as Coinbase (COIN) and MicroStrategy (MSTR) declined by 1.2% and 1.3% respectively.
- Major bitcoin miners like Marathon Digital (MARA), Riot Platforms (RIOT), and Core Scientific (CORZ) fell by 2% to 3%.
- The S&P 500, Nasdaq, and Dow Jones dropped by 3.35%, 3.5%, and 3.27% respectively.
- Gold rose by 2.9%, reaching $3,400, while the DXY index hit a three-year low.
Analysts at QCP Capital raised questions about whether the rally in bitcoin and gold represents a shift towards bitcoin as a safe-haven asset. Lawrence McDonald from Société Générale suggested selling gold for bitcoin, noting its resilience amid market volatility.
Recent pressure from U.S. President Donald Trump on Federal Reserve Chair Jerome Powell may have impacted the market. Trump criticized Powell as a "major loser" and called for immediate interest rate cuts, citing concerns over economic slowdown.