Cryptocurrency
Bitcoin’s Minute-By-Minute Correlation With Stock Market May Signal Disaster
As NewsBTC reports, “For most of Bitcoin’s life, it’s been a pitched as an asset uncorrelated from the stock market and other traditional equities. It’s been a strong selling point for institutional investors seeking to add variety or even derisk their portfolios. “However, as of late, the first-ever cryptocurrency has been exhibiting a minute-by-minute correlation with […]
As NewsBTC reports, “For most of Bitcoin’s life, it’s been a pitched as an asset uncorrelated from the stock market and other traditional equities. It’s been a strong selling point for institutional investors seeking to add variety or even derisk their portfolios.
“However, as of late, the first-ever cryptocurrency has been exhibiting a minute-by-minute correlation with the stock market, and if it continues, it could spell doom for the young digital asset.
“While Bitcoin was born during the last recession, it is about to face the first major recession since it was first introduced into the world, and no one yet knows how it will react.
“The cryptocurrency was designed to have certain attributes that made the asset far more comparable to a scarce commodity like gold, rather than a currency that can be printed at whim or a stock share tied to the value of a corporation…”