Bitcoin slipped toward $72,000 today after Nvidia chief executive Jensen Huang resigned with immediate effect, sending the chipmaker's shares down about 10% and dragging tech stocks lower with them.
The slide has help from the institutional side too. Spot bitcoin ETFs lost around $300 million on Wednesday, the fifth straight day of outflows, adding up to about $1.44 billion since last week. The fear and greed index sits at 28, firmly in fear.
My take: this is a tech-stock shock, not a crypto-native one, but bitcoin is still trading on the same mood. Until the equity selloff settles, expect crypto to follow stocks rather than lead. #Bitcoin $BTC
The slide has help from the institutional side too. Spot bitcoin ETFs lost around $300 million on Wednesday, the fifth straight day of outflows, adding up to about $1.44 billion since last week. The fear and greed index sits at 28, firmly in fear.
My take: this is a tech-stock shock, not a crypto-native one, but bitcoin is still trading on the same mood. Until the equity selloff settles, expect crypto to follow stocks rather than lead. #Bitcoin $BTC