Bitcoin Gains Recognition as Tech Stock Proxy with 'Mag 7B' Index Inclusion

Standard Chartered's analysis highlights Bitcoin's dual role as a hedge and growth asset, with recent price gains and futures activity signaling increased market confidence.

Standard Chartered's 'Mag 7B' index replaces Tesla with Bitcoin, showing higher returns and 2% lower annualized volatility compared to the original 'Magnificent 7' index.
Bitcoin is increasingly correlated with the Nasdaq Composite, positioning it as a tech stock-like asset in modern investment portfolios.
Bitcoin's price has risen 3.5%, nearing $88,000 and contributing to a $2.9 trillion cryptocurrency market cap.
Open interest in Bitcoin futures contracts has surged by over 10% in the past day, reflecting growing trader confidence.
At $1.7 trillion, Bitcoin's market capitalization ranks it as the sixth largest asset among the 'Magnificent 7' group, further solidifying its role in institutional portfolios.