U.S. stock markets had a rough week, wiping out about $650 billion in market value as major indexes moved lower. The Nasdaq fell around 1.4%, the Dow Jones dropped 1.2%, and the S&P 500 slipped roughly 1%, even as stocks remain near record highs.
At the same time, Bitcoin moved in the opposite direction. Bitcoin rose about 7% this week, to its market value. The total crypto market gained close to $190 billion, highlighting a clear split between traditional markets and digital assets.
Volatility was not limited to stocks. Silver prices briefly fell nearly 8% within minutes after touching a fresh record high, underlining how unstable commodity trading has become.
Experts say the moves point to a rotation out of traditional safe assets and into riskier assets, including cryptocurrencies. Bitcoin is still about 23% below its peak near $126,000, leading some investors to argue it has room to catch up. At the time of writing, BTC is trading at $96,400 and is up by more than 1%.
On days when U.S. stocks sold off sharply and crypto prices pushed higher. In one session, hundreds of billions were erased from equities while tens of billions, a pattern experts say does not happen often.
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Not everyone is convinced the Bitcoin rally is healthy. Longtime Bitcoin critic and gold supporter the move a “sucker’s rally.” He argued that traders are selling gold and silver mining stocks to buy Bitcoin ETFs and crypto-linked stocks, calling it a mistake.
“My guess is that some traders are taking profits in gold and silver mining stocks and buying Bitcoin ETFs and $MSTR,” he wrote.
Schiff also pointed out that while gold and silver hit new highs, many mining stocks fell, which he sees as a buying opportunity for precious metals investors. He has repeatedly urged traders to sell Bitcoin into strength and move funds into gold instead.
On the other side of the debate, Bitcoin bulls remain firm. Michael Saylor, one of Bitcoin’s most vocal supporters, recently reiterated his long-term view, saying simply that “Bitcoin is the strategy.”
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