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Bitcoin Recovers to $39K as Stocks Rebound
The largest cryptocurrency's correlation with tech stocks has strengthened.
Updated May 11, 2023, 3:49 p.m. Published Apr 27, 2022, 7:00 p.m.
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Bitcoin (BTC), after dipping to a six-week low, bounced back Wednesday alongside traditional markets.
At press time, the largest cryptocurrency was up 1.8% in the past 24 hours, trading at $38,989. Analysts are attributing the price move to bitcoin's correlation with tech stocks.
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- "The key story with bitcoin price continues to be its correlation with tech stocks (which is at all-time highs),” said Ben McMillan, founder of and chief investment officer at IDX Digital Assets. “As a result, the slate of tech earnings we've seen this week have been driving the daily trading in bitcoin. While that's expected to continue in the near term, we do expect bitcoin's correlation to tech stocks to come down later this year."
- Traders and investors have been concerned about Federal Reserve rate hikes and a possible recession, but Marcus Sotiriou, an analyst at GlobalBlock, said that “earnings reports from many companies such as Microsoft, which released yesterday, were positive and did not support the idea of a recession coming later this year Therefore, I think the market could be reaching oversold levels in the short term.
- “Binance shorts have been getting aggressive near the lows on bitcoin and Ethereum, whilst open interest rises higher and funding falls lower. These indicators add confluence for some upside in the short term as it suggests we could be due for a short squeeze,” he said.
- Meanwhile, crypto analysis firm IntoTheBlock wrote in a Telegram message that “despite the recent drawdown, the two top assets by market cap are still showing a strong bottom as the majority of the holders are in profit. 58.44% of the addresses holding $BTC and 69.25% of the addresses holding $ETH are in the money or profit.”
- Ether (ETH) was up 0.3% in the past 24 hours, trading at $2,860.
- U.S. stocks are up after Tuesday's red ink. The S&P 500 was up 1% and the Nasdaq was up 0.9%.
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KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
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- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
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How a 'perpetual’ stock trick could solve Michael Saylor’s $8 billion debt problem
The bitcoin treasury firm is using perpetual preferreds to retire convertibles, offering a potential framework for managing long-dated leverage.
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- Strive upsized its SATA follow on offering beyond $150 million, pricing the perpetual preferred at $90.
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