Both are risk assets, but this week the Nasdaq is still climbing while Bitcoin has fallen by a tenth—it picked the wrong team.
Data from 10x Research: From November 5 to 12, Bitcoin fell 5.9%, while the Nasdaq 100 rose 6.4%. On one side, U.S. stocks are being lifted by AI earnings; on the other, Bitcoin is being held down by interest rates.
The force holding it down is the dollar: the dollar index surged to around 103.30, a 19-month high; the 10-year Treasury yield returned to 5.13%–5.15%. A stronger dollar spells trouble for all non-yielding assets—gold futures closed Thursday at $3,885.30, a one-year low, about 27% below January’s record close.
$BTC is now at $68,260, down 3.56% in 24 hours. From its November 6 closing price of $75,844, it has fallen about 10.0% in eight days. $ETH is at $1,926.64, down 3.96%; SOL fell 5.19% to $76.76.
The next thing to watch: Can the dollar index hold above 103? If it does, Bitcoin will have to keep following interest rates. This is not investment advice.
Data from 10x Research: From November 5 to 12, Bitcoin fell 5.9%, while the Nasdaq 100 rose 6.4%. On one side, U.S. stocks are being lifted by AI earnings; on the other, Bitcoin is being held down by interest rates.
The force holding it down is the dollar: the dollar index surged to around 103.30, a 19-month high; the 10-year Treasury yield returned to 5.13%–5.15%. A stronger dollar spells trouble for all non-yielding assets—gold futures closed Thursday at $3,885.30, a one-year low, about 27% below January’s record close.
$BTC is now at $68,260, down 3.56% in 24 hours. From its November 6 closing price of $75,844, it has fallen about 10.0% in eight days. $ETH is at $1,926.64, down 3.96%; SOL fell 5.19% to $76.76.
The next thing to watch: Can the dollar index hold above 103? If it does, Bitcoin will have to keep following interest rates. This is not investment advice.
