Every asset class will be impacted by the Federal Reserve embarking on a rate-cutting cycle. That includes cryptocurrency, and especially Bitcoin , still the largest and most widely followed by a long shot. Even for investors who don't trade or care about it, Bitcoin matters. Why? It has become a critical risky asset because of its strong positive correlation with the S & P 500 over the last several years. While they don't always move in lockstep, it is rare for the two to diverge for long. At times, bitcoin leads; other times, the S & P 500 does. In 2025, BTC topped in January, while the S & P hovered near its highs for several weeks. Bitcoin's decline proved to be a leading indicator, as the SPX followed lower. Both assets bottomed in April. More recently, BTC has slipped from its August

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