Frozen out? Bitcoin price correlation to other assets still undefined
Fidelity’s report claiming Bitcoin as a non-correlated asset draws discussions, as not all agree with the assessment. A recent report from institutional crypto firm Fidelity Digital Assets concluded that Bitcoin (BTC) shows very little price correlation to mainstream financial assets, based on data from the past five years. Over the course of 2020, Bitcoin has gained further adoption into mainstream finance, which logically might impact the asset’s correlation or lack thereof. Has Bitcoin’s correlation changed in 2020? Ria Bhutoria, director of research at Fidelity Digital Assets, told....
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Data shows the Correlation between Bitcoin and S&P 500 has declined to zero recently, a sign that BTC is no longer attached to the stock market. Bitcoin Correlation To S&P 500 Has Witnessed A Plunge Recently In a new post on X, the market intelligence platform IntoTheBlock has discussed about the trend in the Correlation between Bitcoin and S&P 500. The “Correlation” here refers to an indicator that keeps track of how tied together the prices of any two given assets are. Related Reading: Toncoin (TON) Investors Sitting On 54% Profit Despite Price Plunge When the value of this....
South Korean authorities have reportedly frozen $40 million in crypto assets, including bitcoin, allegedly belonging to Luna founder Do Kwon. However, Kwon denied that any funds of his have been frozen. “I don’t even use Kucoin and Okex, have no time to trade, no funds have been frozen,” he insisted. Prosecutors Say They’ve Frozen Do Kwon’s Crypto, Including Bitcoin South Korean prosecutors have reportedly frozen nearly $40 million in crypto assets allegedly belonging to Terraform Labs co-founder Kwon Do-hyeong (also known as Do Kwon). Citing Korean....
Data shows the Bitcoin correlation with S&P 500, and hence the stock market, has now set a new all-time high (ATH). Bitcoin Correlation With S&P 500 Reaches New High As pointed out by an analyst in a CryptoQuant post, the BTC correlation with the stock market is currently at an all-time high, further damaging the “safe haven” narrative. The “Bitcoin correlation with S&P 500” is an indicator that measures how strongly the price of BTC reacts to volatility in S&P 500, as well as the direction of the response. When the indicator has values greater than zero, it means....
On Friday, a few days after the initial hack for $611 million, the Poly Network project detailed that the company has obtained all the assets stolen minus the frozen tether that was blacklisted by Tether Limited. The Poly Network team said they are in control of the funds along with “Mr. White Hat,” but the repayment process is not complete. Poly Network Hacker Returns Most of the Stolen Crypto Assets According to a message from the Poly Network team, a large majority of the stolen funds from the August 10 hack have been returned. The stash of tether (USDT) are the only funds....
Bitcoin continues to lose momentum on low timeframes, as bulls were unable to follow through on yesterday’s upside impulse. The cryptocurrency was rejected around the mid-area of its current levels and might be bound for a fresh re-test of local support. Related Reading: All Signs Prove Shiba Inu Is Ready For A Run; Here Is Why? At the time of writing, Bitcoin price trades at $20,000 with a 1% loss and a 3% profit in the last 24 hours and 7 days, respectively. Despite its negative price performance, BTC remains relatively strong when compared with other cryptocurrencies in the top 10 by....