Bitcoin, the leading cryptocurrency, has reclaimed the $90,000 level for the first time since March 7.
Earlier today, the flagship coin surged to an intraday high of $90,521 on the Bitstamp exchange.
The flagship cryptocurrency is benefiting from the "decoupling" narrative, which is seemingly gaining traction.
As reported by U.Today, Bitcoin was firmly in the green on Monday despite a significant stock market sell-off. The cryptocurrency rallied in tandem with gold, prompting some speculation that it might finally show its risk-off side after routinely performing as a typical tech stock.
This trend seemingly continues to persist today. That said, it is worth noting that U.S. stocks are also in the green today, with the E-mini S&P 500 index futures adding more than 1.5%.
"Stock futures are soaring. I don't really know what's catalyzing but, one thing I'm hearing some chatter about is that the net-present value of all future cash flows of S&P 500 component stocks has gone up by around 1.8% today," Bloomberg's Joe Weisenthal said.
Global markets have been hit hard by the ongoing tariff mayhem that is seemingly poised to reshape global trade.
There are also concerns about the growing odds of a recession in the U.S. The IMF has sharply lowered its forecasts for world economic growth for this year. In 2025, the US economy is expected to grow by only 1.8%.
Most recently, the markets experienced more volatility due to rumors about Fed Chair Jerome Powell being fired.
According to a new report by Standard Chartered, Bitcoin is regaining attention amid "system risks."
Vladislav Sopov
Dan Burgin