Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
- As the market digests all the uncertainty from the banking fallout, equities such as the S&P 500 remain flat for March.
- In recent weeks, in light of the SVB collapse, Bitcoin had uncorrelated itself from the traditional markets.
- Bitcoin was up 24%, other assets remained relatively flat, and gold was also a winner.
- But in recent days, the correlation to assets has spiked back up to almost February levels.
- Bitcoin has a negative relationship with the dollar, which would be bearish if the dollar was to start going higher in the face of a liquidity or credit crisis as investors rush to dollars.
- Correlation is a topic CryptoSlate will be analyzing on a day-to-day basis amid market uncertainty.
- SPX: 0.74
- Nasdaq: 0.92
- Gold: 0.95
- TLT: 0.50
- DXY -0.81
The post Bitcoin’s correlation to traditional assets raises red flags appeared first on CryptoSlate.
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.