After a challenging few weeks where bitcoin (BTC) appeared to move in lockstep with the Nasdaq, the leading cryptocurrency is beginning to show signs of independence as stock values shift from difficulty to a sharp decline.
The Nasdaq, which experienced a 6% drop on Thursday, continued its downward trend with a further 5% fall by midday on Friday, while bitcoin’s price remains steady around $83,000. This reflects a modest 1% increase in the last 24 hours and a slight 3.5% decrease since the announcement of President Trump’s tariff strategy on Wednesday night.
Bitcoin is significantly outperforming crypto-focused stocks such as Coinbase (COIN), MicroStrategy (MSTR), Semler Scientific (SMLR), and the miners, all of which have recorded double-digit losses over the past two trading days.
The overall cryptocurrency market is also showing signs of strength, with the CoinDesk 20 Index trending upward, driven by gains of 4%-5% in XRP, Solana’s SOL, and Cardano’s ADA.
“Bitcoin has demonstrated notable resilience,” noted David Hernandez, a crypto investment specialist at a digital asset management firm. “After a brief dip below $82,000, it bounced back quickly, underscoring its role as a macro hedge during times of economic uncertainty.”
If this decoupling from stock market trends continues, it could enhance BTC’s attractiveness to institutional investors looking for safety amid volatile equities, Hernandez observed.
Geoff Kendrick, head of digital asset research at Standard Chartered Bank, suggested last week that while bitcoin typically behaves like a tech stock, it can serve as a hedge during market turmoil, similar to the regional banking crisis in March 2023. “In the past 36 hours, I think we can add ‘U.S. isolation hedge’ to the list of bitcoin’s functionalities,” he said in a note on Friday.
However, this newfound strength might stem from purchases by corporations with BTC investment strategies, such as those led by Michael Saylor or GameStop, as pointed out by Sean Farrell, head of digital assets at Fundstrat. “I still believe this is attributed to the multibillion-dollar corporate treasury trades happening,” Farrell remarked on social media on Friday. “If we sustain this strength over the weekend, we may need to reassess previous assumptions.”