BitcoinBTCUSD –1.61% and other cryptocurrencies were buoyant on Friday. They have bucked a correlation to stocks, which have fallen for days in a row.
The price of Bitcoin was flat over the past 24 hours at $19,150. The largest crypto is remaining buoyant above its recent bottom of around $18,500—which is also close to its lowest level all year—but is also firmly outside of the $20,000 to $25,000 range in which it has traded since mid-June.
“Bitcoin is doing just fine as the global bond market selloff heats up. Recently, it seems Bitcoin would be sharply lower if Wall Street sees Treasury yields skyrocket and stocks selloff, but that is not happening,” said Edward Moya, an analyst at broker Oanda. “Bitcoin’s bottom could be in place if throughout this market volatility it can hold the $18,000 level.”
Stock indexes were on track for a fourth straight day of losses as inflation, aggressive central bank policy, and the risk of recession continue to weigh on investors and drag down the Dow Jones Industrial AverageDJIA –0.35% and S&P 500SPX –0.84% .
Cryptos have shown themselves to be largely correlated to stocks amid a market downturn driven by macro pressures, but have held up in recent days as selloffs have failed to bring Bitcoin below its yearly low from mid-June.
Beyond Bitcoin, EtherETHUSD –2.51% —the second-largest crypto—rose 2.5% to $1,325. Smaller tokens or altcoins were also firmer, with Solana and Cardano both 1% in the green. Memecoins—initially intended as internet jokes—were similarly buoyant, with DogecoinDOGEUSD +1.15% up 2% and Shiba Inu 1% higher.
Reports /TrainViral/
