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Bitcoin and other majors were little changed on Wednesday even as global equities pushed to fresh records on renewed enthusiasm for the AI trade, leaving crypto out of a rally it would normally follow.
BTC traded just above $64,000, up under 1% on the day and roughly flat over seven days. Ether slipped to $1,864 and is down 2% on the week, the only major in the red on that view. XRP fell almost 1% to $1.07, dogecoin the same to just under 7 cents and tron under 1% to 33 cents. Solana was flat near $73.60. BNB added over 1% to $598 and leads the majors over seven days at 5%. Hyperliquid's HYPE was the standout, up 3% to nearly $56 and 3% higher on the week.
The equity tape did the opposite. MSCI's All Country World Index rose 0.4% toward another record close, its Asia Pacific benchmark gained 2.2%, and Australian shares hit a new peak after the S&P 500 and Dow both closed at all-time highs Tuesday.
SK Hynix rose 6.4% after the Seoul open and Nvidia added over 2% after hours, though AMD dropped 9% on a soft sales outlook and SpaceX fell 7.5% on higher projected AI spending.
Brent crude fell 1.1% to about $78.50 a barrel after Axios reported Washington, Tehran and Oman were close to an agreement to reopen the Strait of Hormuz, with an announcement targeted for Wednesday. Treasuries and gold both advanced as traders trimmed bets on further rate hikes.
Equities are printing records while bitcoin sits roughly 49% below the $126,000 it reached last October, and the second-largest asset is falling on the week.
Cheaper oil, easing rate expectations and a risk-on equity bid have now failed to move crypto for three straight sessions, which points the drag inward rather than at the macro.
Watch what happens if the Hormuz announcement lands Wednesday as reported. That is the cleanest macro catalyst crypto will get this week, and a market that cannot rally on a confirmed deal after failing to rally on the prospect of one is telling you the buyers are elsewhere.
cointelegraph.com
bitcoinworld.co.in
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