Bitcoin Remains Flat as S&P 500 Hits New All-Time High
Frederick Munawa
Markets and Prices
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The index tracking the stock performance of the top 500 public companies in the U.S. soared past its previous record set earlier this year.
S&P 500 Breaks New Record as Bitcoin Struggles for Momentum
The S&P 500 reached a new all-time high on Friday morning, climbing all the way to 6,178, way past its previous high of 6,147.43 set on February 19, a little over four months ago. But while stocks were rallying, bitcoin languished, dipping below $107K after a week that saw the cryptocurrency recover from a steep price drop at the onset of the Israel-Iran war earlier in the month.
Bitcoin Remains Flat as S&P 500 Reaches New All-Time High
(The S&P 500 reached a new all-time high on Friday morning / CNBC)
Stocks have been on a tear lately, with the tech-focused Nasdaq also reaching a new high on Friday after setting a record just days before on Tuesday. The S&P 500, Nasdaq, and Dow were all up 0.50%, 0.42%, and 0.80%, respectively, according to data from CNBC at the time of reporting.
Economists were left scrambling to explain the bullish sentiment on Wall Street given the array of unfavorable macroeconomic factors that, at least in theory, should have caused a downturn instead of a rally. Tariffs, inflation, war, and according to U.S. President Donald Trump, high interest rates, have all failed to dampen the positive mood on Wall Street, but they may be affecting crypto markets which were down 0.78% at the time of writing, according to Coinmarketcap.
Some experts pointed to the news of a finalized trade deal between the U.S. and China, as well as upcoming agreements with ten key countries, as potential catalysts for the positive price action.
“That deal was signed and sealed two days ago,” said U.S. Secretary of Commerce Howard Lutnick, referencing the U.S. trade agreement with China during a Bloomberg interview on Thursday evening. “We’re going to announce a whole bunch of deals over the next week or so.” Lutnick went on to explain that the Trump administration would focus on the “top ten deals” first, before proceeding with other trade negotiations.
Overview of Market Metrics
Bitcoin has been trading between $106,449.99 and $107,973.65 and was priced at $107,012.78 at the time of reporting, a marginal 0.06% gain over the past 24 hours but still a respectable 2.51% increase over seven days. Trading volume slid by 2.81% to $43.5 billion, suggesting a slowing of momentum since yesterday.
Bitcoin Remains Flat as S&P 500 Reaches New All-Time High
( BTC price / Trading View)
Despite the flat price action, bitcoin’s market capitalization was slightly higher at $2.12 trillion, up 0.09% over 24 hours. Conversely, BTC dominance dipped 0.15% to 65.81%, but is still relatively high when compared to previous years.
Bitcoin Remains Flat as S&P 500 Reaches New All-Time High
( BTC dominance / Trading View)
Futures market participation seemed to wane, as bitcoin open interest fell 3.39% to $71.04 billion, hinting at reduced risk appetite among traders. Liquidations totaled $23.01 million over the past 24 hours, with longs accounting for $11.68 million and shorts at $11.33 million, as per Coinglass data. The balanced liquidations picture suggests an even split of bullish and bearish sentiments among traders.
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