Bitcoin dodging trade war is showing signs of shedding attractive forces on tech stocks

Bitcoin is showing signs of shedding the attractive force of tech stocks amid the financial marekt of the past few days. Since the pandemic, bitcoin has remained highly positively correlated with the Nasdaq 100, which typically moves in sync with the benchmark. But on Friday, bitcoin actually rallied about 1 percent to around $83,300, while the Nasdaq 100 fell for a second day in a row on Trump's tariffs. Augustine Fan, partner at cryptocurrency trading solutions platform SignalPlus, said: "We believe Trump's aggressive move has accelerated a re-examination of the long-term value of bitcoin in portfolios, as the reset of the global order has significant medium-term implications for the United States as a capital destination." Bohan Jiang, head of over-the-counter options trading at Abra, said: "Bitcoin is not being targeted in a global trade war, and with the current policy of the US government effectively forcing de-dollarisation, I think we may counter-intuitively see less volatility in the bitcoin space relative to everything else."