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Chart of the week: Bitcoin backs away from all-time high

Heading into 2025, crypto appeared to be among the asset classes with momentum. After bitcoin more than doubled in 2024, most investors viewed an industry-friendly incoming administration as a prime reason to be bullish on a range of crypto assets. That hasn’t been the case thus far this year. Bitcoin—the world’s first and largest cryptocurrency by market cap—climbed above $100,000 in mid-December for the first time ever, but is now down roughly 9% year to date, as investors have generally sold riskier investments across the market. A crypto trend to watch is whether bitcoin continues to trend alongside stocks, as it has for most of this year, given that cryptocurrencies are seen by some investors as a vehicle for diversification with traditional investments.
Chart shows the S&P 500, mid cap and small cap indexes for the past year.
Source: Fidelity.com, as of April 16, 2025.

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Crypto as an asset class is highly volatile, can become illiquid at any time, and is for investors with a high risk tolerance. Crypto may also be more susceptible to market manipulation than securities. Crypto is not insured by the Federal Deposit Insurance Corporation or the Securities Investor Protection Corporation. Investors in crypto do not benefit from the same regulatory protections applicable to registered securities. Investors in digital assets could lose the entire value of their investment. Neither FBS nor NFS offer a direct investment in crypto nor provide trading or custody services for such assets.

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