Bitcoin is not following stocks higher.
DreamstimeBitcoin and other cryptocurrencies slid lower on Friday while stocks moved higher. While digital assets have shown to be correlated to stocks—and have largely followed the S&P 500 downwards this year—the recent rally hasn’t helped cryptos.
The price of Bitcoin fell 1% over the past 24 hours to below $28,900. The largest cryptocurrency continues to trade around the lowest levels since late 2020 and remains at well under half the value of its all-time high near $69,000 from November 2021.
“Crypto is weaker, counter to the broader moves in risk, which is a worry for bulls, with Bitcoin under $29k this morning,” said Neil Wilson, an analyst at broker Markets.com.
Meanwhile, the S&P 500 gained 2% on Thursday, and futures tracking the index signaled more gains to come Friday. The S&P 500 is on track to snap its longest weekly losing streak since 2001, while Bitcoin has fallen from above $30,000 on Monday.
Ether, the second-largest crypto, has fallen 4% and was trading at around $1,750—the lowest level since early 2021.
Smaller cryptos, or altcoins, also felt the pain. Solana dropped 7%, Cardano moved 6% into the red, and Avalanche retreated 11%. “Memecoins”—initially jokes instead of significant blockchain projects—were also hurting, with Dogecoin down 2% and Shiba Inu 6% lower.
Write to Jack Denton at jack.dentondowjones.com
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