Galaxy Digital CEO Mike Novogratz stated that one week is not enough to say that Bitcoin’s (BTC) current correlation with the S&P 500 stock index is over.
March 3 financial services company KBWSpeaking at the “Fintech & Payments” conference of Mike Novogratz, bitcoin and S&P 500 stock index addressed the existing correlation between decompose to say One week is not enough stated.
If the stock markets remain stable or fall while the Bitcoin price exceeds the $45,000 levels in two or three weeks, then we are experiencing something different. A one-week period is not enough to say that the correlation is over.
Market analysis firm speaking at the conference NorthmanTraderfounder of Sven Henrich on the subject, for Bitcoin to decouple from the current correlation at a turning point and still in the long run a safe harbor mission He said he saw it.
Bitcoin has an opportunity to diverge from the current correlation and is currently at a crossroads. While it is still a risky asset for the short term, it will definitely act as a safe haven in the long term.
Bitcoin has followed similar price movements with the US stock markets in recent months. S&P 500 with bitcoin between 50 days correlation, March 3in 0.51despite rising to 2022 since the beginning of the year 0.64 is below its peak.
February 28 experienced one of the largest percentage increases in the last year in its history. bitcoin, $44,700 However, after the news that Europe’s largest nuclear power plant in Ukraine was hit by Russia, $41,000 decreased to levels.
CoinGecko according to data in the last 24 hours approximately 5% Bitcoin, which lost value, at the time of writing the news at $41,587 is being traded.