Bitcoin’s correlation to traditional assets raises red flags

2023-3-29 20:27

Quick Take 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.

Correlation YTD

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.

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