Bitcoin Decouples From Stocks Amidst Tech Wreck: Trump May Be the Reason

IconCryptoNewsTerminal Staff24 Jul, 2024

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Bitcoin Decouples From Stocks Amidst Tech Wreck: Trump May Be the Reason

Analysis by senior analyst at crypto media outlet CoinDesk, George Kaloudis, reveals that Bitcoin has remained stable despite the recent downturn in the tech-heavy Nasdaq. This could potentially signify a decoupling of Bitcoin from stocks, with Donald Trump's presence at an upcoming Bitcoin conference being a possible contributing factor. When the U.S. stock market opened on Monday, the S&P 500 fell 1.8%, the Nasdaq 100 dropped 3%, and Nvidia's shares dived 5.3%. However, Bitcoin rose by over 0.5% during the same period. Kaloudis suggests that Trump's absence from the major stock market conference and his scheduled appearance at a Bitcoin conference may have influenced this decoupling. Rumors speculate that Trump will make a "major announcement" about Bitcoin, possibly including it in his strategic reserve.

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