Crypto Stocks Defy Gravity as S&P 500 Plunges 2.5%
Wall Street bleeds red while blockchain plays laugh all the way to the bank—because nothing says ’healthy market’ like inverse correlations fueled by speculative fervor.
Digital Assets Outperform Traditional Markets
As legacy indices tank, companies tied to Bitcoin and altcoins surge—proving once again that crypto moves to its own volatile rhythm. Traders pivot to blockchain equities as a hedge against the Fed’s latest tantrum.
The Cynical Take
Meanwhile, traditional finance bros clutch their pearls and whisper about ’uncorrelated assets’... right before recycling 2008 playbooks. Some things never change—except crypto’s relentless disruption of the status quo.
Many crypto-linked stocks are yet to rebound
Still, many crypto shares are down for the year after a rough first quarter, when falling Bitcoin prices dragged them lower. Mining firms have been hit hard as smaller token rewards cut profits and tariffs threaten to lift hardware costs.
April’s performers included smaller firms copying MicroStrategy’s Bitcoin buys. Upexi Inc. has soared roughly 450% in April after outlining a plan to raise $100 million to acquire Solana tokens. Blank-check vehicle Cantor Equity Partners Inc. has tripled as it works on a Bitcoin fund tied to key industry players.
Moreover, Galaxy Digital Holdings Ltd. led with shares up nearly 40%. It won permission to list on Nasdaq and gained AI computing work from CoreWeave Inc.
“Galaxy is very intriguing just given its multitude of businesses,” said Cantor Fitzgerald analyst Brett Knoblauch. “Obviously, as the crypto market does well, their crypto-adjacent businesses do well.”
Bitcoin surged past gold and tech stocks
Bitcoin climbed higher than gold and major technology shares in April. President Donald Trump’s April 2 statement on new reciprocal tariffs, which he called “Liberation Day,” unsettled investors worldwide.
Since the day before his announcement, the Nasdaq Composite has slipped 0.2% , and the Bloomberg Dollar Index is down roughly 4%.
Gold, often chosen by cautious investors, touched a record of 3,500 dollars an ounce before easing, but it still holds a 6.1% gain. Bitcoin has advanced sharply during the same span.
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