Bitcoin decouples from stocks

$104,581.00
-0.20%$2,514.75
-0.16%$2.16
0.06%$641.67
-1.41%$145.66
-1.27%$0.999801
0.00%$0.272794
0.05%$0.169756
-0.35%$2,513.76
-0.18%$0.602161
-1.60%$104,381.00
-0.25%$38.52
-3.97%$3,032.58
-0.21%$2.82
-0.96%$457.74
-3.37%$13.12
0.66%$9.21
-0.23%$0.250482
-0.64%$18.04
-3.29%$2.94
-1.10%$49.47
2.63%$0.999809
-0.00%$0.0000116
-0.75%$2,514.18
-0.17%$2,690.55
-0.22%$84.69
-0.38%$1.00
0.04%$0.147407
-1.35%$320.52
-0.40%$1.00
0.05%$3.59
-3.86%$4.31
-2.46%$104,587.00
-0.16%$7.55
2.35%$0.00001032
1.44%$0.535278
-3.16%$258.02
-2.96%$361.63
2.86%$1.18
0.06%$48.67
-0.83%$1.00
0.00%$4.44
-0.45%$0.090754
2.96%$5.06
-2.37%$2.17
1.76%$176.36
-1.21%$1.056
0.01%$16.44
-0.57%$0.769745
2.89%$29.42
-1.58%$1.001
0.13%$0.607372
1.50%$0.072149
1.52%$4.40
-0.60%$15.58
-1.37%$9.37
-1.68%$0.02172599
0.84%$4.00
-0.85%$104,310.00
-0.13%$0.082828
-1.63%$0.669223
2.08%$0.284596
1.86%$0.188982
-2.62%$3.26
1.23%$2.38
-0.54%$1.00
0.05%$0.942727
2.96%$2,515.39
-0.14%$0.306182
0.64%$0.997399
-0.03%$4.37
-0.47%$100.50
-1.53%$0.169298
-0.10%$0.999758
0.02%$11.05
-0.84%$1.44
9.31%$154.18
-1.18%$1.22
0.03%$0.409042
2.48%$2,860.60
-0.20%$0.0174615
-2.78%$2,631.96
-0.21%$1.68
0.21%$11.52
5.28%$1.69
0.07%$1.10
0.34%$0.00001423
0.97%$0.323496
-0.50%$1.00
0.01%$0.171505
5.85%$0.180174
6.11%$1.001
0.07%$0.01527881
-2.58%$0.563287
0.09%$0.999469
-0.03%$2,700.73
0.43%$0.6154
0.63%$0.057544
-0.87%$2,636.15
-0.22%$104,453.00
-0.29%$642.12
-1.34%$3,396.67
-0.17%$104,441.00
-0.21%$2,645.09
-0.07%$3,379.44
0.01%$0.084031
-0.03%$0.597105
2.46%$104,940.00
-0.62%$2.76
-15.56%$0.509134
0.21%$0.788015
1.28%$1.11
0.01%$2.31
7.73%$0.409255
-1.57%$162.74
-1.17%$0.879703
17.93%$0.0000748
1.02%$2,715.01
-0.22%$189.68
-1.21%$2.22
0.01%$111.48
0.01%$0.779814
0.85%$0.68571
-0.77%$41.68
1.25%$0.999331
-0.00%$2.46
20.24%$19.81
-0.75%$0.0144119
0.58%$1.094
-0.06%$0.164857
1.22%$0.255071
-0.78%$0.00000062
-4.43%$0.01273086
2.25%$3.76
-5.11%$0.997965
0.02%$30.47
-3.20%$0.00953032
2.56%$104,151.00
-0.63%$0.439285
-0.79%$0.099366
-0.07%$38.67
-3.45%$0.523632
2.52%$0.534763
-1.15%$0.999816
0.07%$2,513.68
-0.28%$0.345025
0.14%$0.546297
-1.62%$104,163.00
-0.23%$0.206363
-0.96%$2,514.26
-0.16%$2,709.52
0.77%$2,619.94
-0.80%$104,475.00
-0.28%$0.629761
-3.43%$2,513.02
-0.22%$1.42
-2.43%$0.99502
0.01%$8.58
-2.24%$0.254505
-0.37%$0.01391934
3.72%$38.67
-3.61%$50.31
0.76%$0.409681
-1.41%$0.061143
0.72%$0.169789
-0.33%$0.9998
-0.00%$0.04342235
2.02%$1.00
0.01%$2.29
-1.65%$0.99988
0.02%$1.35
-1.78%$37.47
0.20%$1.42
-0.43%$1.09
-0.00%$0.00000041
-0.49%$0.998968
0.54%$0.506751
0.18%$2,506.76
-0.54%$0.392067
-1.70%$13.73
0.32%$5.47
0.72%$0.00417879
5.43%$2,672.31
-0.11%$0.114098
-0.21%$1.002
0.51%$0.382197
-0.27%$1.005
-0.30%$1.22
3.39%$0.316244
-2.89%$0.00001865
-1.25%$0.072815
-0.09%$0.00638995
-0.12%$0.508878
0.29%$2.25
-0.87%$0.00415293
2.15%$5.37
-2.76%$2,772.42
-0.17%$0.00347989
-3.32%$0.00000088
0.84%$0.131737
-3.66%$1.42
3.14%$0.03444085
-1.61%$0.03516969
-0.54%$0.338499
1.65%$0.01745011
-0.99%$2,746.93
-0.15%$0.159325
-0.85%$0.132235
-0.70%$104,564.00
-0.17%$0.03280451
-0.43%$2,514.13
-0.24%$103,728.00
-0.72%$19.50
-0.04%$0.00005767
-0.42%$0.999865
0.01%$0.999297
0.05%$158.52
-1.31%$0.999724
0.14%$0.749041
-0.84%$0.471103
-1.08%$1.13
0.48%$0.00000149
-0.36%$2,510.77
-0.49%$0.00356244
-0.84%$0.064691
-0.40%$0.741968
-6.63%$0.999907
0.01%$0.300525
2.04%$111.61
0.49%$1.002
0.10%$0.624516
1.04%$1.017
-0.07%$104,669.00
-0.06%$18.04
-3.55%$0.00530983
-1.16%$0.189082
-2.56%$1.69
-3.37%$9.23
-0.45%$0.602068
-1.05%$0.190343
0.00%$2,100.50
-0.15%$101,671.00
-0.72%$0.01731289
-1.87%$104,026.00
1.32%$6.20
-0.34%$0.00371998
2.43%$0.416772
0.78%$14.38
0.16%Reading
Bitcoin hit highs above $29,000 Wednesday morning, amid fears of a new U.S. banking crisis as shares in First Republic Bank tumbled 50%.
The price of Bitcoin hit a high of $29,173, per CoinGecko data, and is currently trading at just under $28,950, up 5.7% on the day. However, Bitcoin has yet to recover fully from its recent slump, and remains down 4.7% on the week.
Shares in the San Francisco-based First Republic Bank nosedived Wednesday morning following a dismal quarterly report in which it reported higher-than-expected withdrawals of over $100 billion in March, raising concerns about the solvency of the regional lender.
The U.S. banking sector has faced challenges in recent months; in March, regulators shut down Signature Bank, while Silicon Valley Bank collapsed due to insolvency. The uncertainty has revived the narrative around Bitcoin’s value proposition as a “safe haven” asset.
Earlier this month, BitMEX CEO Arthur Hayes told Decrypt that crypto serves as a hedge against risk from the traditional banking system, warning that, “Everyone is going to take an 'L' unless they get some crypto or some gold—some hard asset that’s outside of the traditional banking system.”
Arthur Hayes says the speed at which projects like Terra grow and implode is a feature of the crypto industry, not a bug. He founded crypto exchange Bitmex in 2014 and then became the original crypto bad boy. In 2021 the DOJ charged him in with violating the U.S. Bank Secrecy Act for not implementing an anti-money laundering program at Bitmex. He plead guilty and was sentenced to two years probation and six months of home detention. In fact, he was still sporting an ankle bracelet on a recent cover of New York Magazine. Now he's living in Singapore, offering up his views on the crypto industry with long form, meme-filled essays, and still thinks the crypto industry will save investors from what he calls a broken banking system. "I don't care if you're capitalist or you're a communist. Everybody put on a lot of debt. We've passed the point where that debt is becoming useful," he said. "And therefore everyone is going to take an L unless they get some crypto or some gold—some hard asset that's outside of the traditional banking system."
Gold also posted positive gains with a 0.75% rise on Wednesday, while the dollar index against other major global currencies, DXY, dropped by 0.31% due to wavering confidence in the U.S. banking system.
Bitcoin’s positive move came on the heels of a decline in the top stock market indices, the S&P 500 and Nasdaq 100. The two indices dropped severely on Tuesday, posting a 1.58% and 1.01% loss, respectively. The futures market for the indices shows further losses for the S&P 500 index, with slight gains for the tech-heavy index on April 26.
The correlation coefficient indicator shows that Bitcoin’s correlation with the stock market has dropped since the start of April, while its correlation with gold has gotten stronger.
Bitcoin’s price rise is also attributable to the prospect of fresh liquidity injections into the market from the Federal Reserve or other institutions, in the wake of uncertainty around First Republic Bank.
Benjamin, co-founder of crypto analytics firm Jarvis Labs, told Decrypt that, there is, “certainly buying interest on BTC whenever banking issues pop up. But that does not have to be a translation of liquidity actually coming into the market in this instance, but more due to anticipation that it will.”
Publicly traded Bitcoin miner Bitdeer aims to raise $330 million through a convertible notes offering, the firm announced on Wednesday, with its stock price falling further to extend recent losses. The offering was upsized $30 million from the private placement’s principal amount of $300 million, which was initially announced on Tuesday. Furthermore, the firm will offer the option of up to an additional $45 million in principal notes to initial purchasers. The 4.875% convertible notes will be d...
Bitcoin might be uninteresting for traders at the moment, but there’s at least one altcoin today that’s got the market buzzing—and it’s all stemming from an eye-popping tie-up with the leading crypto exchange in the U.S., Coinbase. First, the backdrop: The global cryptocurrency market isn’t doing much right now, sitting at around a $3.25 trillion market cap and pretty much flat in the past 24 hours. But that might be welcome news for the crypto investors who already suffered heavy losses earlier...
Crypto exchange Coinbase and USDC issuer Circle have both seen their share prices leap double digits in the aftermath of a key Senate vote in favor of the GENIUS Act. The GENIUS Act, if signed into law, would represent the first comprehensive federal framework for U.S. dollar-pegged stablecoins. By establishing clear rules for reserves, audits, and licensing, the bill could reduce regulatory uncertainty and make it easier for institutions to integrate stablecoins into mainstream finance. Circle,...