Bitcoin Loses $80,000 Support as Equity Rally Concentrates in Megacaps

L'essentiel

Bitcoin fell below $80,000 to $78,759.70 on May 13, contrasting with a new S&P 500 all-time high, as the equity rally, driven by megacaps like Nvidia, Apple, and Microsoft, bypassed liquidity assets due to tightening liquidity and AI-driven earnings growth.

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Traders have been treating Bitcoin as a high-beta proxy for the same risk appetite driving Nvidia and the Mag-7, one that should move with equities on green days. Instead, Bitcoin lost its $80,000 support and registered an intraday low of $78,759.70 on May 13, while the S&P 500 registered a new all-time high, QQQ rose 1.06%, and Nvidia added 2.84%. [...]

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This article was originally published by CryptoSlate.

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