Bitcoin fell to its lowest level in almost two months on Tuesday as cryptocurrencies continue to diverge from traditional equity markets.
Bitcoin (BTC) fell to a low of $70,023 on Coinbase early on Tuesday, its lowest level since April 7, marking a daily decline of more than 4% and a weekly loss of 8%, according to TradingView. Bitcoin is down 44% from its October peak of $126,000.
US stock markets such as the S&P 500 have meanwhile hit a record high of just over 7,600 points on Monday, while the tech-heavy Nasdaq peaked at over 27,000 points.
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Andri Fauzan Adziima, research lead at Bitrue Research Institute, told Cointelegraph that some analysts have noted that Bitcoin is the only major asset in contraction right now, and the divergence is notable.
“It shows Bitcoin is trading more like a high-beta risk asset tied to macro sentiment rather than an independent hedge,” he added.
“This gap highlights current
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