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Bitcoin has zero correlation with gold or shares, no effect of global turbulence on Crypto Market says eToro analyst

  • Dropping more than 81% from its ATH, Bitcoin is currently trading at $ 3,638
  • EToro analyst, says Mati Greenspan, no correlation between bitcoins and gold, USD and the stock market this year
  • Meanwhile, the United States government. arrest to do more damage to its economy while the Chinese central bank injects the largest net liquidity ever used daily in the banking system due to the economic slowdown

"Crypto just DGAF", Bitcoin moves at his pace

The main cryptocurrency is seeing the loss of 0.78 percent in the last 24 hours at $ 3,638 as at Coinmarketcap. Meanwhile, the daily trading volume recorded is $ 5.4 billion.

Source: TradingView

Last year, the correlation between Bitcoin and the stock market was a topic of discussion. It was concluded that the price of bitcoin and equity somehow correlated as both were on an upward curve.

Historically, the correlation between them has been insignificant, as last year Tom Lee of Fundstrat has made this concept clear,

"Cryptocurrencies have their own economy based on the activity of the Blockchain.The shares have their own economy based on multiples of earnings per share.The institutional overlap is essentially zero."

There may be some correlation in the past, but it's not like Mati Greenspan, eToro senior analyst brought to Twitter to share,

While the US Under Shutdown and China inject the biggest net cash everyday

While Bitcoin is currently seeing red and is falling more than 81% from its all-time high, gold is witnessing an increase that could be geared towards a breakout model according to Greenspan,

As for the stock market, it actually rose from one day to another on Wall Street due to the strong quarterly earnings of the main banks. However, US stock futures traded lower and S & P and Nasdaq reported a decline while Dow Futures exceeded more than 100 points due to concerns over uncertainty over Brexit and the Chinese economy , CNBC reported.

Meanwhile, the partial shutdown of the government in the United States is inflicting serious damage to its economy, according to the New York Times report. Whereas yesterday the Chinese central bank injected the largest daily net liquidity of $ 82.73 billion into the banking system through repurchase transactions. Due to the concern of a slowdown in economic growth, even more, this stimulus is expected.

The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication has no responsibility for personal financial loss.

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