Bitcoin Is Finally Breaking. Why That’s Good News for the Stock Market.

Bitcoin finally broke below $29,000, a level that it’s been able to hold through 2022, and may be starting to break. That could be good news for the stock market—if it’s a sign of capitulation by investors.

Bitcoin has fallen 6% to $27,661.71, its lowest level since 2021. The cryptocurrency has been trading between $29,000 and $50,000 for much of the year. Stifel’s Barry Bannister sees it as the last speculative asset that needs to fall before the market can find a bottom.


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