After a brief five-day rally, Bitcoin once again continued its downward plunge, losing another 1% between 7 p.m. ET last night and 6 a.m. this morning. It is at $87K at the time of writing. In large part, that reflected a general risk-off attitude across global markets this morning. S&P 500 futures were down 0.19% after the index closed up 1.55% yesterday. Asia was mixed this morning, and Europe followed by moving flat-to-down in early trading.
Crypto may be suffering from a significant shift in sentiment: Until Oct. 6 this year, Bitcoin and gold had moved up together, though certainly not in tandem. However, both rose on a “safe haven” narrative as stocks soared, despite worries that the tech companies driving them are fueling an AI bubble.
