Viewpoint: Bitcoin's recent rise is in sync with gold, but market caution remains

Odaily Planet News: Bitcoin broke through the $90,000 mark for the first time since early March, sparking market optimism that it may finally break free from its long-term correlation with U.S. tech stocks. On Tuesday, Bitcoin rose 6.77%, and on Wednesday morning in Asian trading, it reached $93,883, while the U.S. dollar index slightly rebounded after falling to a three-year low on Monday. Despite a significant rebound after Monday's sharp decline, the Nasdaq 100 index remains far below its late February to early March highs. Notably, this Bitcoin rally coincides with gold, which briefly touched $3,500 per ounce on Tuesday before retreating. Richard Galvin, co-founder of Sydney-based crypto hedge fund DACM, stated that if Bitcoin continues to trade like gold rather than tech stocks, the 'decoupling' logic would be more convincing. (Bloomberg)