Bitcoin’s slide challenges the “digital gold” narrative

Bitcoin’s acting like a risk-on asset again.

The price of bitcoin slid for the second straight day, dropping almost 8% from its peak of over $102,000 on Monday, as traders digested Tuesday’s stronger-than-expected jobs data. The likely concern: a hot economy could chill any rate-cut plans from the Fed, ultimately leaving rates higher for longer.

That, plus the crypto’s increased correlation with the S&P 500, could challenge bitcoin’s “digital gold” selling point.