The market capitalization of Bitcoin (BTC) has added $194 billion in 2023. Its 66% year-to-date (YTD) growth is vastly outperforming top Wall Street bank stocks, particularly as fears of a global banking crisis are rising.Moreover, Bitcoin has decoupled from U.S.
stocks for the first time in a year, with its price rising about 65% versus S&P 500's 2.5% gains and Nasdaq's 15% decline in 2023.
The six largest U.S. banks — JPMorgan Chase (JPM), Bank of America (BAC), Citigroup (C), Wells Fargo (WFC), Morgan Stanley (MS), and Goldman Sachs (GS) — have lost nearly $100 billion in market valuation since the year's start, according to data gathered by CompaniesMarketCap.com.Bank of America's stock is the worst performer among the Wall Street banking players, with a nearly 17% YTD drop in valuation.
Goldman Sachs trails with an almost 12% YTD decrease, followed by Wells Fargo (-9.75%), JP Morgan Chase (<6.5%), Citi (<3.5%), and Morgan Stanley (>1%).The U.S.Read more on cointelegraph.com