Bitcoin falls to lowest since February even as stocks hit record

📆 05/07/2024 11:04:00
📰 Moneyweb

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Bitcoin fell as much as 8.1% to hit the lowest since February, changing hands at about $54 190 as of 12:21 p.m. Friday in Singapore.

Bitcoin sank for a fourth consecutive trading session, part of a wider crypto selloff that contrasts with recent record highs in global stocks.

Correlation frays Meanwhile MSCI’s gauge of global stocks is hovering near a record high and a short-term, 30-day correlation between Bitcoin and the index is plunging. The question is whether risk aversion in crypto is isolated or heralds a circumspect quarter for mainstream investments too after a strong first-half for shares.

Investors are awaiting US jobs data later Friday for the latest clues on the outlook for Fed policy. Soft recent economic reports have bolstered the case for the US central bank to loosen monetary settings in coming months.

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