After weeks of slow and boring price movements many investors wanted a decoupling from the stock market as Bitcoin was nearly going 1:1 with the stock market not leaving any room for a pump due to the bearish stock market sentiment. And the Crypto God’s granted your wish, Crypto is now way less correlated to the stock market.
For reference, the Correlation Index for Bitcoin and the NASDAQ is now at 0.29. If we look at the SP500 it’s just 0.19. That’s a very steep drop from the 0.75 we had just less than a month ago and/or the 0.94 we had at the beginning of the year and in February.
So yep, congrats crypto is decoupled from the Stock market, just as the stock market has finally started its recovery/relief rally. As a consequence Crypto is paving its complete own way and that way is a sharp drop down especially for altcoins.