Bernstein, a US-based market research company cryptocurrency published a new report on the course of the market.
Bernstein analysts noted in their report that crypto’s bond with traditional markets has weakened in recent weeks.
“The crypto market has spent the past week with sellers. Despite negative personal consumption data from the US, Bitcoin closed the week down 3% at $23,800.”
BTC and Nasdaq Move Reverse
Father of cryptocurrencies bitcoin We witnessed a correlation between the technology-weighted stock index Nasdaq and the Nasdaq last year. However, as of the second half of February, the two investment products have been moving in opposite directions.
While Bitcoin has gained 7.40% in the last 2 weeks Nasdaq index fell 3.35%. According to the research data, while the Nasdaq-BTC correlation coefficient was 0.94 at the beginning of February, this figure is around 0.58 today.
“Market in Balance”
Bernstein analysts discussed the current and future prospects of the crypto market. Experts emphasized that the crypto is currently trending sideways and is less affected by external factors.
According to analysts, this situation has both positive and negative effects. Bitcoin being less affected by macroeconomic indicators reinforces a bull season scenario.
However, the fact that crypto exhibits movements that are disconnected from traditional finance may indicate that institutional interest has decreased.
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