Live updates: Bitcoin rises above $83,000 as SpaceX results, possible Tesla merger, lift markets
Bitcoin prices rose above $83,000, buoyed by strong earnings from SpaceX and positive sentiment in the tech sector. Analysts warn that Bitcoin's correlation with the Nasdaq remains high, challenging its status as an independent safe-haven asset.
Why it matters
The strengthening link between Bitcoin and tech stocks suggests that crypto markets are increasingly sensitive to traditional macroeconomic and AI-sector volatility.
Bitcoin’s fate is tied to tech again. It fell in lockstep with the Nasdaq last week after the hot U.S. inflation report and a selloff in AI and chip stocks, and Massabni, XS.com’s head of business development, said that link is getting stronger.
“In the short term, this development challenges the notion that Bitcoin can consistently serve as an independent safe haven from traditional market volatility,” he said.
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