Author: George Kaloudis Source: coindesk Translation: Shan Ouba, Golden Finance
Since yesterday's opening, the S&P 500 has fallen 1.8%, the tech-heavy Nasdaq 100 has fallen 3.0%, and tech darling Nvidia (NVDA) has fallen 5.3%. Normally, Bitcoin's daily movements follow those of stocks (especially tech stocks), but this time, as of this writing, Bitcoin (BTC) is up 0.5%. What's going on?
Granted, this was only a brief moment, but in a week where we saw Mt. Gox-related selling pressure and disappointing spot Ether ETF inflows, Bitcoin’s performance today was surprising, especially given its usual trajectory.
Market commentators have long pointed out that Bitcoin is just a tech stock given its strong correlation with tech stocks. Bitcoin optimists, myself included, have long preached the coming decoupling, when Bitcoin will break free of all asset correlations and become an uncorrelated macro asset that belongs in every balanced portfolio. But this has not always been the case.
Narratives drive day-to-day market moves, so what narrative does Bitcoin have that the stock market doesn’t currently have?
Donald Trump won’t be speaking at the biggest stock market conference this week; mainstream investors aren’t eagerly awaiting what the former US president has to say about Nvidia; there are no rumors of a Nasdaq 100 strategic reserve being announced.
But Trump will be speaking at a Bitcoin conference this week; Bitcoin supporters are eagerly awaiting what the former US president will say in his speech on Saturday; there are rumors of an announcement of a strategic reserve of Bitcoin.
It looks like Trump is shielding Bitcoin from the price action of tech stocks in the absence of other strong arguments. Trump may be running for US President, so maybe he deserves a new title: Bitcoin’s Chief Decoupler.
Whatever happens on Saturday, Trump's speech has the potential to be a "selling event," as some market analysts predict. Trump may talk or claim many things about Bitcoin in his speech; who knows what they will be. What is certain, though, is that his remarks will have broad implications for the cryptocurrency market.
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