After a frustrating couple of weeks in which Bitcoin (BTC) prices appeared to move crosses for crosses with Nasdaq, the world’s largest crypto shows some signs of going its own way when stock prices go from fighting to fall.
With Nasdaq after his 6% tumbling on Thursday with another 5% fall halfway through the day on Friday, the price of Bitcoin holds about $ 83,000. It is approx. 1% higher over the last 24 hours and lower by only 3.5% since President Trump announced his customs package Wednesday night.
Bitcoin is also much better than crypto-related stock such as Coinbase (Coin), Microstratey (Mstr), Semler Scientific (SMLR) and miners, all down double-digit percentages in the last two sessions.
The wider crypto market is also flashing strength with the Coindesk 20 index, which climbs higher, led by 4% -5% winnings on XRP, Solana’s Sun and Cardanos Ada.
“Bitcoin has shown impressive resilience,” said David Hernandez, Crypto Investment Specialist at Digital Asset Manager 21Shares. “After briefly diping under $ 82,000, rebuild it quickly and reinforced its status as a macro hedge in times of macroeconomic stress.”
The decoupling – if it continues – could bode well for BTC’s appeal among institutional investors seeking refuge from shaking stock markets, Hernandez added.
Last week, Geoff Kendrick, Digital Active Research Manager for Standard Chartered Bank, argued that Bitcoin is trading as a technical stock most of the time, but could be a hedge at market spa, such as March 2023 US Regional Banking Crisis. “Over the past 36 hours, I think we can also add ‘American insulation’ cover to the list of Bitcoin uses,” he said in a Friday note.
However, the newfound force may be due to companies with BTC investment programs such as Michael Saylor’s strategy or gamestop, said Sean Farrell, head of digital assets on Fundstrat.
“Still in the camp that this is due to the Multibillion-Dollar Corporate Treasury Twap happening,” Posted Farrell on X Friday. “But if we maintain this strength throughout the weekend, we will have to visit these earlier.”
