Editor's PiCK
"Bitcoin slides with risk assets on Powell-Trump tensions…falls below $91,000"
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Summary
- Bitcoin (BTC) fell below $91,000 and the $90,000 level, facing correction pressure amid risk-off sentiment and weakness in tech stocks.
- With traditional safe havens such as gold and silver hitting new record highs and extending gains, debate over bitcoin’s asset characteristics has been reignited.
- Markets are watching whether bitcoin may remain correlated in the short term with tech stocks, the Nasdaq 100, and Invesco QQQ, as well as whether Strategy will make additional bitcoin purchases.
Bitcoin (BTC) gave back all of its gains logged during Asian hours, slipping back below $91,000. With risk-off sentiment strengthening across global financial markets, analysts say mounting correction pressure has emerged in tandem with weakness in tech stocks.
According to cryptocurrency-focused media outlet CoinDesk on the 12th, bitcoin traded above $92,000 during Asian hours, but quickly fell as European trading got underway, sliding to around the $90,000 level.
Markets are also citing tensions between Jerome Powell, chair of the U.S. Federal Reserve (Fed), and President Trump as an additional headwind, as it is amplifying uncertainty across financial markets. Against this backdrop of political and monetary-policy uncertainty, investors are moving to reduce exposure to risk assets.
Traditional safe havens have continued to climb. Both gold and silver prices set fresh record highs. Gold is trading around $4,600 per ounce, while silver is up more than 5% in a single day, trading above $84 per ounce. By market capitalization, gold and silver stand at roughly $32 trillion and $4.7 trillion, respectively, ranking as the world’s No. 1 and No. 2 assets.
Against this backdrop, debate over bitcoin’s asset characteristics is being reignited. While it has been described as a neutral store of value, recent price action is seen as moving similarly to leveraged tech stocks.
Indeed, the day’s pullback tracked broader weakness in U.S. tech shares. Invesco QQQ, the exchange-traded fund that tracks the Nasdaq 100 Index, fell 1% in premarket trading.
Still, shares of Strategy, a company known for its bitcoin-holding strategy, edged higher. The market is watching whether additional bitcoin purchases will follow comments by Chairman Michael Saylor referencing “Big Orange.”
If such buying proceeds, observers say Strategy may tap its at-the-market (ATM) equity issuance program. The structure is linked to the company’s perpetual preferred stock, Stretch, which was reported to be trading in premarket around its par value of $100.
In the near term, markets are focusing on whether bitcoin will continue moving in lockstep with tech stocks alongside broader risk-asset trends.
