Bitcoin Breaks Away From Stocks in 50% Surge Defying Macro Peril
- Largest token’s correlation with equities weakest since 2021
- Crypto watchers say sector-specific variables driving rally
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Concerns about further interest-rate hikes, a fizzling stock rally and a US crypto crackdown all suggest Bitcoin and other tokens should be beating a hasty retreat. Instead, they’re extending their 2023 rebound.
Bitcoin’s year-to-date gain has now reached 50% after a further jump in February, contrasting with a retreat in global equities this month courtesy of a macroeconomic environment replete with growth and inflation concerns.