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Bitcoin rises 2.6% to above $64,000 while S&P 500 slips

Bitcoin’s gain came opposite the S&P 500 move and marked its best day in more than a month, with BTC outperforming stocks on about one third of trading days over the past three months.

Reported · Written up by our desk · Market Structure

Bitcoin outperformed U.S. equities on Monday, rising 2.6% to above $64,000, according to CoinDesk data. The move marked Bitcoin’s best daily performance in more than a month, with the largest cryptocurrency trading around $64,177.56.

While Bitcoin climbed, the S&P 500 fell 0.52%, a rare instance of the crypto asset moving decisively opposite to U.S. stocks. CoinDesk noted that Bitcoin has recently been lagging the S&P 500 on roughly two thirds of trading days over the past three months.

CoinDesk said Glassnode attributed the shift to capital that has flowed toward AI-related stocks on Wall Street, leaving other parts of the market, including cryptocurrencies, behind. The report also pointed to Bitcoin’s ongoing bear market phase in its four year cycle, which it said has kept demand subdued.

Bitcoin’s latest rise follows a prior peak above $126,000 in October last year, and CoinDesk reported that the expected cycle bottom is October this year.

Latest closeBitcoin $64,316.36 ▼0.3%|S&P 500 7,785.76 ▼0.2%

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