From Coindesk: 2024-07-11 12:46:00

Bitcoin (BTC) has struggled, dropping 20% from mid-March’s record high. Meanwhile, U.S. stocks like Nasdaq and S&P 500 hit all-time highs, with the latter achieving its 37th record close of 2024. Bitcoin’s correlation with these indexes fell to multi-month lows, but they are now moving in tandem as stocks sharply decline.

The Nasdaq and S&P 500 are down 1.8% and 0.9% respectively, while Bitcoin, which hit $59,000 earlier on positive U.S. inflation news, now sits at $57,500. Market strategist Joel Kruger warns of potential downside for cryptocurrencies if U.S. equities continue to correct, as there may be a correlation affecting crypto assets.



Read more at Coindesk: Bitcoin (BTC) Price Recouples with S&P 500, Nasdaq as Cryptos Fall with Stocks