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Bitcoin’s modest rebound after its drop from $89,000 lifted several crypto-exposed stocks, despite broader market uncertainty.
BlackRock saw $523 million in outflows from the exchange-traded fund on Tuesday, marking a fifth straight day of net redemptions, according to data compiled by Bloomberg. BlackRock didn’t immediately respond to a request for comment.
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Bitcoin now trades like a tech stock as correlation nears decade high
Bitcoin’s relationship with US tech stocks is tightening again, and it has added a new layer of complexity to a market already dealing with fresh losses. Data
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Bitcoin’s bear market week
Investors battered bitcoin this week, rotating out of riskier assets, sending the largest cryptocurrency by market value below a key technical level.
On a recent Monday, Bitcoin investors made the largest single-day purchase of the year, signaling renewed optimism despite the cryptocurrency's recent
Other high-flying areas of the market with their own evangelists have also been struggling lately. Bitcoin’s price briefly fell below $90,000 in the morning, down from nearly $125,000 last month. It later recovered some of its losses and climbed back toward $93,000.
Bitcoin and stocks are in a bout of volatility — and investors say more turbulence could be in store. US stocks were lower Tuesday, extending a recent tumble. The Dow was lower by 301 points, or 0.64%.
Bitcoin’s fall below $100,000 last week — the first time in months, while also entering a bear market — hasn’t reduced Strategy’s appetite for the digital currency. The company just made its largest purchase of bitcoin over a week’s time in more than three months.