Despite the 3.3% surge in NASDAQ, decoupling continues, with crypto such as Bitcoin falling.
Until now, NASDAQ and crypto, which are centered on technology stocks, have been coupled. When the U.S. stock market such as NASDAQ rises, cryptoc rises, and when it falls, it has shown the same movement. Both are representative risk assets.
However, despite the recent rise in the U.S. stock market such as NASDAQ, there has been a decoupling phenomenon in which cryptoc is falling. This is attributed to the fact that cryptocurrency has proven to be a very dangerous asset since the Terra crisis, and has not found any rebound momentum since then.
Bitcoin is recording $28,713 as of 7:30 a.m. on the 28th, down 2.39 percent from 24 hours ago on CoinMarketCap, a global coin market relay site.
Bitcoin is traded between up to $29,346 and $28,326.
Even though NASDAQ soared the previous day, cryptocurrency fell all at once. Despite the 2.68% rise in NASDAQ the previous day, Bitcoin fell about 0.5% to around $29,000.
As a result, Bloomberg of the U.S. reported on the 27th (local time) that the U.S. stock market and Bitcoin are going separately.
Bloomberg said Bitcoin has also fallen this week, falling for eight consecutive weeks, the longest decline since August 2011.
Bloomberg analyzed that although the U.S. stock market has soared over the past two days, cryptocurrency such as Bitcoin has continued to decline, and that cryptocurrency is turning red.
Matt Maily, Miller Tabak’s chief market strategist, said, “As the U.S. stock market soared this week, investors who realized that they could earn high returns in markets other than cryptocurrency seem to be leaving the cryptocurrency market.”
