Currently Bitcoin and stock market, especially NASDAQ, can be seen moving together. When the stock market grows, Bitcoin also increases, and when the stock market decreases, Bitcoin also decreases. But in fact Bitcoin is a completely different kind of asset. Its not like a company or share, which depends on specific markets or tariffs. Bitcoin is a product like gold or oil, which is not in control of any person or company. Bitcoin is a coin that is under the control of someone directly block chain is extremely difficult.
Bitcoin is recognized by the SEC not as a security but as a commodity like gold or oil. But the problem is how people treat it, most of them do not see it as an inflation hedge but as a form of get rich quick speculative investment. Trump's tariff war is putting pressure on the economy and could cause a recession, people are selling stocks and bitcoin in droves, and causing a selloff like what is happening. Meanwhile, gold prices are rising due to increased demand for safe havens.
It doesn't matter what purpose bitcoin was created for and what it is for, what matters is how we treat it. It was created to be a currency but we have turned it into an investment asset, similarly we are turning bitcoin into a speculative asset instead of a safe haven.
