Galaxy Digital CEO billionaire cryptocurrency investor Mike Novogratz, of bitcoin He said that he should be careful about the statements that he was separated from the stock market with his recent rise.
“Too Early To Say That Bitcoin Price Performance Is Diverging From Equities Markets”
Novogratz said on Thursday at KBW’s fintech conference:
“If you see the price of Bitcoin rise above $45,000 in two or three weeks and the stock markets remain stagnant or fall, then we are experiencing something different. A week is not enough time to say that the correlation is over.”
The Bitcoin price has lost for the first time in four days as speculation that people will turn to cryptocurrencies due to the war between Russia and Ukraine. BTC, which has lost 4.27% in the last 24 hours, is trading at $ 42,070 at the time of this writing.
Correlation Between BTC And S&P 500 Is At 0.51 Level
BTC, the world’s largest cryptocurrency by market value, has been drawing a very parallel picture with the performance of the US stock markets in recent months. Despite this, the 50-day correlation level between the S&P 500 and BTC rose to 0.51 on Thursday. This level is still below the 0.64 level experienced this year.
Other crypto analysts have also made statements that BTC is at a turning point. Sven Henrich, founder of market analysis company NorthmanTrader, made the following statements on the subject:
“The current correlation has an opportunity to diverge. BTC price may still act as a risky asset in the short term, but in the long term it will act as a safe haven.”
*Not investment advice.