synopsis

Crypto-linked equities extended their rally in pre-market trade on Wednesday, with gains in Strategy, Cipher Mining, Robinhood, and other stocks building on Tuesday’s strong performance.

Bitcoin’s (BTC) value edged past tech giant Alphabet (GOOG) (GOOGL) to become the world’s fifth most valuable asset by market capitalization on Wednesday, highlighting its ongoing divergence from tech equities.

BTC rose 5.7% over the past 24 hours to trade above $93,500, lifting its gain for April to 15%, according to CoinGecko.

Meanwhile, Google-parent Alphabet’s stock was up 2.3% in pre-market trade on Wednesday.

With the surge, Bitcoin’s market value climbed to $1.86 trillion, narrowly edging past Alphabet’s $1.859 trillion, according to asset ranking data. The cryptocurrency now trails only gold, Apple (AAPL), Microsoft (MSFT), and Nvidia (NVDA) in global valuation.

Bitcoin (BTC) moves higher among top assets by market capitalization on April 23 as of 8:30 a.m. ET. | Source: CompaniesMarketCap

The move extends a sharp April rally that has come as Bitcoin decouples from the Nasdaq 100, which is down 4.5% this month. Analysts say the performance gap signals a potential break from the cryptocurrency’s long-standing correlation with tech equities.

The apex cryptocurrency’s jump in the last 24 hours also coincides with comments from President Donald Trump, who stated that he does not intend to fire Federal Reserve Chair Jerome Powell. Trump also signaled a more conciliatory approach toward trade tensions with China.

Meanwhile, momentum is also building behind renewed institutional interest. The Financial Times reported that Brandon Lutnick, son of U.S. Commerce Secretary Howard Lutnick, is working with SoftBank, Tether, and Bitfinex on a $3 billion crypto fund aimed at buying Bitcoin “big.” 

The fund is targeting an additional $350 million in convertible bonds and a $200 million private equity round, according to Singapore-based QCP Capital.

Further reinforcing the shift, newly appointed SEC Chairman Paul Atkins stated on Tuesday that his top priority is to establish a clear regulatory framework for digital assets, a move seen as signaling a decisive policy shift.

Despite recent gains, Bitcoin remains 16% below its all-time high of nearly $109,000 reached in January, the day President Donald Trump returned to the White House.

Crypto-linked equities also moved higher Wednesday. Cipher Mining’s (CIFR) stock led the charts, surging 9% in pre-market trade after gaining 17% on Tuesday. 

Other Bitcoin miners, including TeraWulf (WULF), Hive Digital (HIVE), and Hut 8 (HUT), climbed more than 5%.

Shares of Strategy (MSTR), widely regarded as a proxy for Bitcoin, rose by more than 3% in pre-market trading, while Robinhood (HOOD), which facilitates cryptocurrency trading, saw its stock jump by over 8%. 

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