Bitcoin Stalls at $64,600 Amid S&P 500 Surge

The S&P 500 has surged 3.12% in August, adding $2.1 trillion to its market value and pushing it to a record $70.5 trillion. In contrast, Bitcoin has only gained 2% over the same period.

Analysts attribute the stock rally to sectors like AI and semiconductor stocks, which have little direct exposure to Bitcoin.

The cryptocurrency's relatively slow response to good macro news is also cited as a reason for its stagnation. For example, lower oil prices and smoother shipping through the Strait of Hormuz benefit both markets, but stocks feel these effects faster.

Crypto faces its own set of challenges, including the recent Coldcard hardware wallet exploit, which has drained an estimated $120 million from vulnerable wallets.