The equities markets far outpaced cryptocurrencies Tuesday on optimism that economic restrictions put in place to help slow the spread of the coronavirus are easing.

Bitcoin (BTC) poked its head above the $9,000 level briefly during morning trading in New York but fell to below $8,700 on selling. As of 20:35 UTC (4:35 p.m. ET), bitcoin was trading at $8,846, a loss of 1% over 24 hours.  The largest cryptocurrency by market cap is currently trading below its 10-day and 50-day technical indicator moving averages, a signal of bearish sentiment. 

“Bitcoin failed to break higher and has been bouncing off support in the $8,700 region,” said Max Boonen, CEO of cryptocurrency liquidity provider B2C2.

Bitcoin trading on Coinbase since May 24Source: TradingView

While bitcoin has been trending lower, Tuesday’s big winners are stocks.

The Nikkei 225 in Asia closed trading up 2.2%, with the index hitting a three-month high as Japan ended its pandemic-induced state of emergency measures. The FTSE Eurotop 100 index of Europe’s largest public companies by market cap was also in the green, although up less than a percent. The gain was also attributed to the easing of lockdowns in Europe. 

Read More: Paul Tudor Jones: Bitcoin Is Now the Macro Big Bet

In the U.S. the S&P 500 climbed 1.2% on the day, up 4% for the past month. 

“It’s probably the case that stocks are moving upward in response to increased reopening of the economy, which Wall Street may be taking as a positive sign,” said Danny Kim, head of revenue for exchange aggregator SFOX. “Bitcoin’s minor downward movement, on the other hand, probably has more to do with a loss of momentum than anything else.” 

Since starting the first week of May in tandem, bitcoin and the S&P 500 have been going in opposite directions.

Bitcoin and S&P 500 compared for MaySource: CoinDesk Research

“Bitcoin is not demonstrating correlation to the equity markets at present, given a lot of the smart money is still sitting…

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