A record Bitcoin stocks correlation in Dec after a sharp reversal during the FTX collapse should boost investor confidence in BTC.
While the BTC price cratered over Alameda-FTX and Genesis-Gemini news, it decoupled from the S&P 500 Index and NASDAQ Composite. But after crypto exchange markets priced in the news, they were ready to rally with equities.tandem with tech stocks like Tesla .“Seems to me that Bitcoin is moving higher in sympathy with stocks/risk assets. The most interesting thing is that the run in bitcoin is coming out of a very tight range since the whole FTX saga too.
“[In 2022] bitcoin’s correlation with the S&P 500 hit both an all time high and dropped to 15-month lows. The lows were reached during FTX’s collapse, while the highs emerged in the final week of December. This is the best evidence yet that macro is back.” But the fact that it not only resumed but went to an all-time high afterward says two things: It indicates Bitcoin will easily shrug off theThat passed by in the correlation charts practically like a blip. So that’s bullish overall and long-term for Bitcoin. Markets understand the scandal was Alameda-FTX’s, not Bitcoin’s problem.
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