Bitcoin Trades Near $58K; Stocks Struggle After Archegos Margin Call – CoinDesk – CoinDesk

Bitcoin Trades Near $58K; Stocks Struggle After Archegos Margin Call – CoinDesk – CoinDesk

Bitcoin trading on Coinbase
Source: TradingView
  • Bitcoin (BTC) trading around $57,626.86 as of 20:00 UTC (4 p.m. ET). Climbing 4.38% over the previous 24 hours.
  • Bitcoin’s 24-hour range: $54,826.06-$58,353.53 (CoinDesk 20)
  • BTC trades between its 10-hour and 50-hour averages on the hourly chart, a sideways signal for market technicians.

Bitcoin proved resilient to the latest instability in traditional markets, as the No. 1 cryptocurrency by market capitalization rose above $58,000 briefly Monday, well above last week’s low around $50,000.

The divergence offers a reminder of how bitcoin, which traded lightly in sync with the Standard & Poor’s 500 Index of U.S. stocks for most of last year, is now more or less back to doing its own thing: The 90-day correlation between the two has dropped to zero.