The U.S. stock-market slide prompted by President Donald Trump’s international tariff announcement on Wednesday despatched the Nasdaq Composite Index into certainly one of its greatest funks because the begin of the century.
The tech-heavy index misplaced 5.5% on Thursday, simply outdoors the highest 20 worst single-day drawdowns since 2000, in keeping with Investing.com. Many of the largest drawdowns occurred in the course of the dot-com crash of 2000-2001 and the 2008 international monetary disaster. Different fairness measures additionally suffered, with the S&P 500 index falling virtually 5%.
In distinction, the bitcoin (BTC) worth, which is often correlated with U.S. equities over quick timeframes, bucked the pattern. The most important cryptocurrency, which tumbled instantly after the announcement whereas inventory markets have been closed, rose 0.7% the next day, with momentum carrying into Friday, in keeping with Glassnode knowledge.
Bitcoin is now buying and selling above $84,000 in contrast with about $87,000 earlier than Trump began talking. Nasdaq futures, in the meantime, are decrease forward of the U.S. jobs report due later within the day.
Bitcoin made its 2025 low in mid-March at round $76,000, whereas the Nasdaq hit a low on Thursday. 12 months-to-date, bitcoin is outperforming the Nasdaq, dropping 10% in opposition to the index’s 11%.
Analyst Caleb Franzen highlighted bitcoin’s relative energy in contrast with the S&P 500 on this risk-off setting, noting its resilience across the 200-day shifting common.
“It’s pretty remarkable to see that bitcoin is up +3.4% today relative to the S&P 500, particularly in a risk-off environment. As I’ve recently pointed out, BTC/SPY continues to hold above its 200-day moving average cloud,” Franzen mentioned in a publish on X.
