Crypto
Bitcoin Stalls Amid S&P 500 Surge, Needs New Catalyst for Rally
The S&P 500 has added $2.1 trillion in value over the past month, reaching a market capitalization of $70.5 trillion.
Meanwhile, Bitcoin's price remains stuck in a narrow range around $64,600, up only 2% from last month.
Adam Haeems of Tesseract Group notes that Bitcoin has little direct exposure to the sectors driving the stock market rally, such as artificial intelligence and mega-cap stocks.
The crypto rally, which was previously fueled by demand for ETFs, is now in need of a new catalyst, potentially coming in the fourth quarter with more regulatory clarity and growth in stablecoin supply.