- The big risk-off move in markets helped put a dent in bitcoin (BTC-USD) earlier today, sending it below $46.5K. Stocks, however, made a dramatic turnaround, with the S&P 500 closing up nearly 2% after being down almost that much a few hours ago.
- Bitcoin reversed alongside, now trading hands at $49.4K, up 3% on the session.
- Blockchain-related stocks finished sharply lower, but rallied nicely off their worst levels. Marathon Digital (MARA -6.2%), Riot Blockchain (RIOT -9.0%), Galaxy Digital (OTCPK:BRPHF -6.2%), Canaan (CAN -2.0%), Silvergate Capital (SI -10.6%). Most, if not all of these names over the past weeks/months have rallied well in excess of the underlying move in crypto - that they could give up some ground while bitcoin rallies shouldn't be too much surprise.