Bitcoin Appears to Decouple From Stocks — Market Talk
Bitcoin rises as it appears to be decoupling from broadly lower U.S. equity futures and falls in Asian chip stocks, Block Scholes analyst Thahbib Rahman says in a note. Bitcoin is also supported by Strategy's $22 million purchase of the cryptocurrency on Monday, he says. Moreover, options markets indicate investor sentiment towards crypto is improving. Demand for short-dated bitcoin put options, which offer protection against future potential falls, has eased. However, the skew in options still favors puts over call options which bet on gains, he says. Bitcoin rises 0.3% to $83,301, LSEG data show. ([email protected])