On-Chain analytics firm Into The Block suggested that the bankruptcy of FTX pushed the Bitcoin-S&P correlation to yearly lows.
In a report published on its official website on November 18, the company stated that the effects of the crypto money exchange FTX, which recently filed for bankruptcy, on the crypto money market. spreading rapidly reported. Into The Block is much more than stocks due to the low inflation pressures of the crypto money markets due to the effects of FTX. low response was able to show.
Correlation between Bitcoin and S&P 500, lowest since June 2021 to -0.58 reached. Bitcoin, which has followed global monetary policies with stocks until recently, has left stocks after FTX bankruptcy. quickly separated. In order for Bitcoin to regain its old correlation, the company to new capital inflow He suggested he would need it.
On the other hand, according to the report, many macro experts believe that the tight monetary policies of the FED are more than expected. long and severe If it passes, it expects cryptocurrencies to continue its downward movement in 2023.