Bitcoin has decoupled from stocks and continues to rise 10 years after the Cyprus banking crisis coincided with a BTC price boom.
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The market capitalization of Bitcoin (BTC) has added $194 billion in 2023. Its 66% year-to-date (YTD) growth is vastly outperforming top Wall Street bank stocks, particularly as fears of a global banking crisis are rising.
BTC market cap daily performance chart. Source: TradingView
Moreover, Bitcoin has decoupled from U.S. stocks for the first time in a year, with its price rising about 65% versus S&P 500’s 2.5% gains and Nasdaq’s 15% decline in 2023.
SPX and NDAQ YTD performance vs. BTC/USD. Source: TradingView Wall Street banks lose $100B in 2023
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