Much of this month has been a time of turmoil for markets across the world. Even Bitcoin, the primary cryptocurrency, has fallen from $8000 to $5000. Currently, there are no clear signs of whether bulls are going to take control, but Bitcoins current oddly high correlation with traditional assets has held its price low. While many cryptocurrencies are now sitting on the stands, stablecoins have picked up. After the recent market meltdown, there had been a
rapid growth in the stablecoin demand.
I agree that at the beginning of the pandemic spread throughout the world, bitcoin price movements correlate with other asset price movements. But these days, bitcoin price movements show that bitcoin is better than other assets such as gold or indexes. I think this shows that large investors are getting interested in digital assets such as cryptocurrency