Bitcoin traded flat this week while the MSCI world index set a new record high and Brent crude fell amid expectations of a Hormuz deal. Ether is the only major cryptocurrency down on the week, underperforming both Bitcoin and the broader altcoin market.
Bitcoin holds its ground
The largest cryptocurrency by market cap has been range-bound for days, failing to break out despite a generally risk-on mood in equities. The lack of volatility is notable given the macro backdrop, with traders watching for a catalyst that has yet to emerge.
Global equities at fresh highs
MSCI's world index notched a new all-time high this week, driven by optimism around interest rates and corporate earnings. The rally in stocks stands in contrast to crypto's sideways action, though some see it as a sign of healthy market rotation.
Oil slides on geopolitical hopes
Brent crude fell as reports suggested progress toward a Hormuz deal that could ease supply concerns. The drop in oil prices is a tailwind for inflation-sensitive assets, but hasn't yet lifted crypto sentiment.
Ether lags behind
Ether is the only major cryptocurrency in the red this week, underperforming both Bitcoin and the broader altcoin market. The divergence is worth watching as the week progresses.
