Bitcoin Nears $110,500 as Crypto Stocks Struggle Amid Market Trends
Bitcoin surged past the $110,500 mark on Monday but then dipped slightly. Despite this, US crypto-linked stocks surged, mirroring Bitcoin’s movement. Interestingly, these stocks have shown double-digit gains over the past month, even as Bitcoin has only risen by under 4%.
One key driver for Bitcoin and crypto stocks is the increasing adoption of cryptocurrency by corporations, inspired by Saylor’s strategy. Last week also saw Circle, a major stablecoin issuer, make its IPO debut on Nasdaq. This event, along with the broader interest in crypto, has bolstered market sentiment.
though, circle’s stock (CRCL) took a hit on Tuesday, down 8% from its previous high, now at $106.62. Other crypto-linked stocks like Core Scientific Inc. (CORZ), CleanSpark Inc. (CLSK), and MARA Holdings Inc. (MARA) saw minor changes, reflecting the market’s mixed signals.
The correlation between Bitcoin and the S&P 500 has weakened, suggesting that equity investors might prefer crypto stocks over
