Is Wall Street the Worst Thing to Happen to Bitcoin đ±đ„đđ©žđ#TopCoinsJune2024
Once heralded as a revolutionary product that would change the world of finance as we know it, Bitcoin is now behaving like any other stock.
It is currently priced at $63,057, down 1.05% in twenty-four hours. The entire cryptocurrency market is not improving, with a -0.75% overall market correction bringing its market cap down to $2.2 trillion.
Bitcoinâs daily trading volume is also down 41.88%. So whatâs going on? Why is something that was supposed to be a hedge against traditional markets suddenly behaving like any other investment on Wall Street?
On the same day that Bitcoin fell, US stock indices were on the rise.
The S&P 500 closed at 4,500, up 1.36%, the Dow Jones Industrial Average reached 35,000, up 1.62%, and the Nasdaq closed at 14,500, up 1.49%.
This rally can be linked to macroeconomic events such as the US Federal Reserveâs decision to cut interest rates by 50 basis points three days ago.
Traditionally, when interest rates fall, riskier assets such as stocks and even cryptocurrencies get a big boost. But what weâre seeing now isnât quite the same.
Institutional adoption, the launch of Bitcoin spot ETFs, and a shared investor base are some of the reasons.$BTC
