2 months ago
The U.S. stock-market descent prompted by President Donald Trump's global tariff announcement connected Wednesday sent the Nasdaq Composite Index into 1 of its biggest funks since the commencement of the century.
The tech-heavy index mislaid 5.5% connected Thursday, conscionable extracurricular the apical 20 worst single-day drawdowns since 2000, according to Investing.com. Most of the largest drawdowns occurred during the dot-com clang of 2000-2001 and the 2008 planetary fiscal crisis. Other equity measures besides suffered, with the S&P 500 scale falling astir 5%.
In contrast, the bitcoin (BTC) price, which is typically correlated with U.S. equities implicit abbreviated timeframes, bucked the trend. The largest cryptocurrency, which tumbled instantly aft the announcement portion banal markets were closed, roseate 0.7% the pursuing day, with momentum carrying into Friday, according to Glassnode data.
Bitcoin is present trading supra $84,000 compared with astir $87,000 earlier Trump started speaking. Nasdaq futures, meanwhile, are little up of the U.S. jobs report owed aboriginal successful the day.
Bitcoin made its 2025 debased successful mid-March astatine astir $76,000, whereas the Nasdaq deed a low connected Thursday. Year-to-date, bitcoin is outperforming the Nasdaq, losing 10% against the index's 11%.
Analyst Caleb Franzen highlighted bitcoin's comparative spot compared with the S&P 500 successful this risk-off environment, noting its resilience astir the 200-day moving average.
"It's beauteous singular to spot that bitcoin is up +3.4% contiguous comparative to the S&P 500, peculiarly successful a risk-off environment. As I've precocious pointed out, BTC/SPY continues to clasp supra its 200-day moving mean cloud," Franzen said successful a station connected X.
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