As the year 2023 continues to unfold, Bitcoin’s retreat below the pivotal $30,000 mark raises questions about the overall strength and stability of the cryptocurrency market.
Once, the crypto market held a significant lead over traditional stocks, according to Bloomberg. However, this advantage seems to be dwindling as Bitcoin – a leading market indicator – exhibits signs of struggle. The year-to-date rise of the top 100 digital tokens now stands at 46%, narrowing the gap with the 41% increase of the tech-driven Nasdaq 100 Index.
Technology stocks, particularly those influenced by artificial intelligence hype, have been rapidly gaining ground. This surge resulted in the Nasdaq 100 Index briefly surpassing the MVIS CryptoCompare Digital Assets 100 Index in June.
Impact of Regulatory Changes And Fed Decisions
Previously, the crypto market received a positive push from both regulatory efforts on digital assets that face a stumbling block in US court on digital assets and the hope
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