Bitcoin, Other Digital Assets Surge Late in Q2 on Spot Bitcoin Euphoria

Here are the first and second quarter performances for a half-dozen of the largest digital assets by market capitalization, the leading U.S. equity indexes and prominent crypto-based stocks:Crypto-based stocks 2023

A notable decline occurred between bitcoin and the Nasdaq Composite, falling from a correlation coefficient of 0.85 on March 31, to 0.02 currently. But the action and resulting price activity accelerated, starting with the U.S. Securities and Exchange Commission’s suit against the world’s largest crypto exchange, Binance, on June 5.

Yet BlackRock’s ETF success rate is no guarantee its bitcoin product will win approval. The SEC has rejected multiple applications from high-profile firms and seems fiercely committed to deem crypto a security and to rein in what the agency considers a lack of consumer protection..

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