Bitcoin’s move coincided with a rebound in Nvidia and the Nasdaq Composite.
"When the stock market turns, we are likely to see panic selling in crypto as well, for no fundamental reason other than emotion and perhaps the need to raise cash for margin calls," said Noelle Acheson, economist and author of the"Crypto is Macro Now" newsletter."Yesterday, crypto got hit with some risk asset jitters."was the crypto market leader on Tuesday, however.
"Today's news from Solana is a jolt of positivity. The idea that more than a billion people can now easily access and use SOL is one that is uniformly positive for the alt coin and its ecosystem, and traders rallying into other alt coins are likely betting that this momentum will carry over into the broader DeFi and Web3 marketplace," said Ben Kurland, CEO at crypto research platform DYOR.
However, he added,"I doubt we see the actual impact of this news for some time, and my money is on us heading back towards the type of market action we saw earlier this week."Bitcoin's recent weakness signals an imminent S&P 500 correction, according to StifelRancho Penasquitos
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