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Bitcoin’s correlation to traditional assets raises red flags

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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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