Here's How the Stock Market Correction Is Affecting This Major Cryptocurrency
The current stock market correction has been difficult not just for equity investors, but also for crypto investors. Across the board, nearly every major cryptocurrency is down for the year.And, right now, the one cryptocurrency on everyone's mind is Bitcoin (CRYPTO: BTC), which has historically been the bellwether for the crypto market. So just how much of an impact has the stock market correction had on Bitcoin?The answer to that question should have been "not much." That's because Bitcoin has historically been uncorrelated with any major asset class, including both the S&P 500 and tech stocks. In other words, Bitcoin could zig when stocks zagged. Due to Bitcoin's wild volatility, which led to huge market swings up and down, it was pretty much impossible to say that it was correlated with anything.Continue reading
The current stock market correction has been difficult not just for equity investors, but also for crypto investors. Across the board, nearly every major cryptocurrency is down for the year.
And, right now, the one cryptocurrency on everyone's mind is Bitcoin (CRYPTO: BTC), which has historically been the bellwether for the crypto market. So just how much of an impact has the stock market correction had on Bitcoin?
The answer to that question should have been "not much." That's because Bitcoin has historically been uncorrelated with any major asset class, including both the S&P 500 and tech stocks. In other words, Bitcoin could zig when stocks zagged. Due to Bitcoin's wild volatility, which led to huge market swings up and down, it was pretty much impossible to say that it was correlated with anything.
