Cryptocurrency prices surged past $106K on Tuesday morning as both stock and crypto markets showed positive momentum.
Stocks Climb, Bitcoin Follows Suit
Bitcoin continued its upward trajectory on Tuesday, reaching a high of $106,813.58, mirroring gains in the stock market and broader crypto sector. Tech stocks led the S&P 500’s advance, while optimistic news about a slight rise in job openings further fueled market confidence.
According to the Bureau of Labor Statistics, job openings in April rose to 7.4 million—an increase of 191,000 from March. The data, reported in the Job Openings and Labor Turnover Survey (JOLTS), highlighted growth in industries like arts, entertainment, mining, and logging.
Market Performance Highlights
- Crypto markets: Gained 1.94%, reaching a $3.34 trillion market cap (CoinMarketCap).
Stock indices:
- S&P 500: +0.69%
- Nasdaq: +1.04%
- Dow Jones: +0.52% (CNBC)
Notably, Bitcoin’s correlation with the S&P 500 has declined to ~54% (per Newhedge), down from ~80% months earlier.
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Investor Sentiment and Bonds
Eric Balchunas, Bloomberg ETF analyst, noted on X: "Stocks up, long-term bonds up—this kills two FUD narratives at once." ("FUD" = fear, uncertainty, doubt.)
U.S. Treasury yields: Mixed reactions:
- 30-year: Slight dip (-0.002%)
- 10-year: Minor rise (+0.01%)
This suggests stabilizing confidence compared to weeks prior, when debt concerns triggered bond sell-offs and Bitcoin’s record rally.
Bitcoin Market Snapshot
- Price: $106,015.42 (+1.47% in 24h)
- Weekly trend: Still negative (-3.77% over 7 days)
- Trading range: $104,100.01–$106,813.58 (reflecting cautious optimism)
Key Metrics
| Indicator | Value | Change (24h) |
|--------------------|---------------------|--------------|
| 24h Trading Volume | $47.35 billion | +6.47% |
| Market Cap | $2.1 trillion | +1.50% |
| Dominance | 64.06% | -0.26% |
Derivatives data (Coinglass):
- Open BTC contracts: $72.01 billion (-0.19%)
- Liquidations: $2.47 million (mostly longs)
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FAQs
Q: Why is Bitcoin’s price rising alongside stocks?
A: Improved macroeconomic sentiment (e.g., job data) and reduced FUD around debt markets are driving parallel gains.
Q: How does Bitcoin’s S&P 500 correlation affect investors?
A: Lower correlation (~54%) may appeal to diversification seekers, though it remains sensitive to broader risk trends.
Q: What does rising trading volume indicate?
A: Higher liquidity and trader interest, often preceding volatility or breakout attempts.
Q: Is Bitcoin’s weekly decline a concern?
A: Short-term pullbacks are normal; focus on broader adoption signals (e.g., ETF inflows, institutional activity).
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