Wall Street Bleeds as Bitcoin Breaks Records: Traders Flock to Digital Safe Haven
Dow plunges 600 points—traditional markets reel while Bitcoin laughs its way to a new all-time high. Guess which asset class isn’t waiting for the Fed’s permission slip?
Stocks tumble, crypto soars: The great divergence plays out in real time. Boomers clutch their pearls as millennials stack sats.
Another day, another reminder that 24/7 markets don’t care about NYSE trading hours. Wall Street’s ‘smart money’ still can’t explain why their dinosaur portfolios keep underperforming a protocol invented by a pseudonymous coder.
DOW Jones Industrial Average heat map | Source: TipRanks
Investor focus is primarily on U.S. debt, as rising bond yields threaten to push the government deficit even higher. The latest $16 billion auction of 20-year Treasury bonds attracted little demand from investors, sending bond yields higher. This came after the U.S. suffered a credit rating downgrade from Moody’s, losing its perfect score.
At the same time, the U.S. Congress is pushing a new bill to extend Trump-era tax cuts. These cuts WOULD increase disposable income, especially for high-income earners, but also raise concerns about further widening the federal deficit.
Still, this uncertain macroeconomic environment appears to be working in Bitcoin’s favor. The largest crypto asset reached a new all-time high, while gold also showed strong performance—rising 0.94% to $3,313.5 per ounce.
Tech stocks, healthcare down, Google stock up 4%
Almost all the top 30 companies listed on the DOW Jones were in decline, including tech, major retailers, and healthcare. However, the Nasdaq-listed Alphabet stock ROSE 4% on Google’s new AI announcement. The tech giant is working on redefining search, making it work similarly to the big AI models.
UnitedHealth continues its decline, with scandal on top of scandal. Most recently, reports revealed that the company attempted to cut insurance payouts by paying nursing homes to reduce transfers of patients to hospitals. This exposes the insurance giant to potential litigation, and its stock dropped 6% on the news.
