In what is a monumental development for the cryptocurrency market, Bitcoin has officially retaken the $90k level, with BTC erupting for the second straight day. Yet, with the US stock market plummeting to start the week, all eyes are on why the leading crypto is up so much today.
The development marks a significant moment for the financial markets. Specifically, it indicates that the digital asset class and Bitcoin have officially decoupled from Wall Street. This could have massive implications for the industry and its perspective as a safe haven asset amid a rather contentious economic outlook for the United States.
JUST IN: Bitcoin reclaims $90,000 pic.twitter.com/WA2PhS1GkX
— Watcher.Guru (@WatcherGuru) April 22, 2025
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Bitcoin Retakes $90,000 Despite Stock Market Slump
The last several weeks have been troubling for the US financial markets. That continued Monday, with US stocks erasing $1.5 trillion from their market cap. That extended to all manner of indices, with the S&P 500 down 2.38% and the Nasdaq more than 1,000 points.
However, things have been different for the cryptocurrency sector. Specifically, Bitcoin has been increasing, with BTC retaking $90k in its second straight day of significant gains. Now, all eyes are on why the leading crypto is up today, and where it could potentially go from here
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Over the last 24 hours, Bitcoin is up more than 3.3%, according to CoinMarketCap. Moreover, it increases its last seven days of gains to more than 5%, having it officially break through the $90,000 mark this year. Indeed, it pushes the asset to its highest mark since US President Trump crashed the markets with his Liberation Day tariff plan.
The most important catalyst for its increase is its decoupling from risk assets over the last week. “Bitcoin continues showing signs of resilience,” Compass Point analyst Ed Engel said. “Bitcoin correlation with equities on historical approaches 1.0 during macro sell-offs; however, its 30-day correlation with the S&P is just 0.65.”
There is still reason to be cautious, however. Engel notes that its recent increase comes with lower-than-normal trading volumes. Therefore, he isn’t hopeful it can return to the $93,000 level without a notable catalyst in the form of tariff deals taking place.