According to online reports, analysts believe that while the market value of U.S. stocks evaporated by US$5 trillion, Bitcoin led the cryptocurrency market to rise against the trend and performed significantly better than the Nasdaq index. CoinDesk analysis pointed out that as global funds seek safe havens outside traditional stock markets, BTC is being regarded by some investors as an "isolated hedging tool for the U.S. market." Mainstream currencies such as ETH rose simultaneously, and the total market value of encryption rose by more than US$80 billion in a single day. Market observers believe that this reflects the weakening correlation between digital assets and traditional risky assets.