Even as the S&P 500 reaches an all-time high, Bitcoin has not mirrored the optimistic trend in equities.

Bitcoin’s price has continued to trade sideways and slid below the $61,000 mark during early morning trading on Wednesday. Its price decreased by around 2% in the past 24 hours, currently sitting at $60,500 at 5:15 a.m. ET, according to The Block’s price page. Nevertheless, the largest cryptocurrency by market cap is up 35% year-to-date after seeing its record high prices of over $73,000 in mid-March.

On the macro front, U.S. Federal Reserve Chair Jerome Powell made a recent statement that the central bank has made "quite a bit of progress" on inflation but needs more confidence before cutting rates. On Tuesday, Powell and European Central Bank (ECB) President Christine Lagarde …