Cryptocurrencies
Big Tech Beats Bitcoin as Unwinding Trump Trade Weighs on Token
- Trump has embraced crypto but his election momentum is cooling
- Meantime megacap tech stocks surged amid dovish Fed comments
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Bitcoin missed out on a cross-asset rally stoked by dovish Federal Reserve comments as a tightening US election race casts doubt on whether Donald Trump will get the chance to implement his pro-crypto agenda.
The digital asset slid 2.4% on Wednesday, trailing a Fed-fueled surge in an index of the Magnificent Seven technology megacap stocks by one of the biggest margins in 2024. The token retreated further on Thursday, changing hands at $63,750 as of 6:10 a.m. in London.