Bitcoin surged past $35,000 on Wednesday, driven by increasing hype for a spot Bitcoin ETF. The surge in Bitcoin was in stark contrast to stocks on Wall Street, which dropped 2.5% and 3.3% over the past five trading days respectively. An ETF is a publicly traded investment vehicle that allows for easier access to Bitcoin for institutions and retailers. Over the past year, Bitcoin’s correlation to the S&P500, Nasdaq and Gold has dropped significantly. The divergence between Bitcoin and equities will likely intensify if the Fed signals a potential rate cut, which would be good for Bitcoin. #Bitcoin #Crypto #SpotETF #FedRates
You can read more about this topic here: Decrypt: Stocks are Down, Bitcoin Is Way Up—Will This Time Be Different?