However, on Wednesday, it decoupled from major indices such as the Nasdaq Composite, which fell by 0.6 percent, alongside declines in the Dow Jones Industrial Average and the S&P 500.
Crypto-related stocks rallied on Bitcoin’s rebound. Coinbase jumped over 6 percent, while Robinhood rose 3 percent, benefiting from expectations of a more crypto-friendly approach under the incoming Trump administration.
MicroStrategy, often viewed as a proxy for Bitcoin, advanced 9 percent.
Bitcoin’s price has been on a remarkable trajectory since the November 5 presidential election, climbing 38 percent in that period. Last Friday, it hit a high of $99,849.99 before testing the $90,000 support level earlier this week.
Alex Thorn, head of firmwide research at Galaxy Digital, remarked in a Wednesday report, “The Bitcoin bull market has legs.”
