Bitcoin Decouples From Stock Market, Surges Amid Crypto-Friendly Sentiment

Although bitcoin is widely viewed as a store of value and a digital alternative to gold, the cryptocurrency often trades in tandem with the stock market. On Wednesday, however, it decoupled with the tech-heavy Nasdaq Composite, which was lower by 0.6%. The Dow Jones Industrial Average and S&P 500 dropped as well., which offers crypto trading and is viewed as a beneficiary of a more crypto-friendly environment in the incoming Trump administration, gained 3%.

"The bitcoin bull market has legs," Alex Thorn, head of firmwide research at Galaxy Digital, said in a report Wednesday."There will be corrections and hiccups, which is normal. There could even some twilight regulatory or law enforcement actions from the outgoing Biden administration that jitter markets. But a combination of increasing institutional, corporate, and potentially nation-state adoption, a new U.S.

Bitcoin is up 126% for the year and is still widely expected to reach the $100,000 milestone before the year is over. Ether, the outperformer since the election, is trailing bitcoin on a year-to-date basis with a 59% gain.Memecoin gains will fade as crypto rally presses on.

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Bitcoin Decouples From Tech Stocks, Continues Record Hitting Bull Run Post-ElectionBitcoin has seen a notable divergence from tech stocks as it continues to climb post-election, with gains of about 38% since November 5. The cryptocurrency's recent decoupling from the tech-heavy Nasdaq, which witnessed a decline of 1%, highlights its resilience amidst market volatility. Bitcoin's price reached a near $100,000 milestone before settling around the $90,000 level this week. Analysts suggest that despite potential regulatory actions from the outgoing administration, the bull market for bitcoin has staying power.
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