Bitcoin’s correlation with the Nasdaq 100, which grew during the Covid-19 pandemic, is weakening. This shift comes amid financial disruptions following new trade tariffs announced by President Donald Trump.

On Apr. 4, bitcoin rose about 1% to US$83,300, while the Nasdaq 100 declined for the second straight day.

Analysts suggest bitcoin’s independence from traditional financial systems and lack of tariff exposure may explain the divergence.

“Trump’s move has prompted a reassessment of Bitcoin’s long-term value in investment portfolios,” said Augustine Fan, partner and CFO at SignalPlus.

Historically seen as digital gold, bitcoin has often moved with riskier assets. But its insulation from tariffs and policy risks may be driving the current decoupling.

Bohan Jiang, head of over-the-counter (OTC) options trading at Abra, noted Bitcoin’s exclusion from the trade war could lead to more stable performance compared to other assets.