Risk Assets Lose Appeal: Crypto Daybook Americas
By Francisco Rodrigues (All times ET unless indicated otherwise)
Bitcoin (BTC) and other major cryptocurrencies fell in the last 24 hours with the CoinDesk 20 (CD20) index retreating 2.17%, caught in the pullback that has gripped global markets this week.
The broader retreat began with a sell-off in tech-heavy equity indices like the Nasdaq 100, which is down 3.4% this week. According to a report from Citi, bitcoin’s drop below its 55-day moving average is often an early warning sign that risk appetite in equity markets is starting to fade.
Historically, when bitcoin holds above that threshold, tech stocks tend to perform better, Citi said. The recent crypto drop is largely due to tighter liquidity conditions.
The U.S….
