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.
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Correlation YTD
- SPX: 0.74
- Nasdaq: 0.92
- Gold: 0.95
- TLT: 0.50
- DXY -0.81
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