Bitcoin market cap grows 60% in 2023 as top Wall Street banks lose $100B
Bitcoin has decoupled from stocks and rising ten years after the Cyprus banking crisis coincided with a BTC price boom. The market capitalization of Bitcoin (BTC) has added $194 billion in 2023. Its 66% year-to-date (YTD) growth is vastly outperforming top Wall Street bank stocks, particularly as fears of a global banking crisis are rising. BTC market cap daily performance chart. Source: TradingView Moreover, Bitcoin has decoupled from U.S. Stocks for the first time in a year, with its price rising about 65% versus S&P 500's 2.5% gains and Nasdaq's 15% decline in 2023. SPX and NDAQ YTD performance vs. BTC/USD. Source: TradingView Wall Street banks lose $100B in 2023 The six largest U.S. banks — JPMorgan Chase (JPM), Bank of America (BAC), Citigroup (C), Wells Fargo (WFC), Morgan Stanley (MS), and Goldman Sachs (GS) — have lost nearly $100 billion in market valuation since the year's start, according to data gathered by CompaniesMarketCap.com. Bank of America's st...