Both, S&P 500 and Nasdaq moved up by over 2.5% while Bitcoin did almost twice as much. What's comforting, both indices were in red yesterday but bitcoin went up anyways, which shows that the cyclical pattern might actually be stronger than the correlation with traditional stocks.
That's crazy, although we said that we're decoupling with stocks market, we moved more way than them, resulting in a huge pump in a price.
Right now we're trading above $91k, which is great to see after a prolonged period of stagnation, but it's a bit too soon to call it a breakaway. If it carries on moving up for another 2-3 days, or at least if the price manages to stay above the $90k, that would be a sign that the bull run in this cycle is not yet over.
Yes, I still remember that you question whether we are in the bull run or not, so I guess you got your answers right?
I'm seen the price hitting $95k right now, so this uptick in price is going to continue and maybe the next target is really that big 6 digits again. Exciting to see it as the investors are very happy and could pour their money again.
It appears that this decoupling that you have mentioned is becoming the next big storyline
on bitcoinin the cryptospace. However, the contrarian in me will also become again skeptical of this is embraced by everyone.
According to this article, there are
megaforces that caused Blackrock to declare that bitcoin is decoupling from stocks similar to what you have said. I hope this is correct and the bear market is over.
It all began as a narrative from Bitcoin advocates. Now the largest asset manager in the world is saying Bitcoin has decoupled from tech stocks.
“If you zoom out, you tend to see the longer term fundamental thesis of Bitcoin really drives it to behave differently to traditional assets,” Jay Jacobs, BlackRock’s US head of equity ETFs, said on CNBC’s Squawk Box Asia.
“Crypto over the long run is decoupled from tech stocks.”
Jacobs words carry unprecedented weight in a conversation long dominated by the Bitcoin faithful.Read in full https://www.dlnews.com/articles/markets/blackrock-says-geopolitics-leading-bitcoin-decoupling/