Bitcoin moving closely with $SPY

Bitcoin’s case as a store of value has not proven especially strong in the past month, as it’s typically gone the way of $SPY.

Bitcoin and stocks bottomed at almost exactly the same moment. This is bad for Bitcoin. Part of Bitcoin’s appeal is that it is weird, and perhaps does not covary with standard financial assets in traditional ways. But at least yesterday it did, and that should be a force pushing Bitcoin lower.

via Bitcoin and covariance at Marginal REVOLUTION

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