💸 $BTC - Is Bitcoin truly correlated with the Equity markets?
On Aug 9th, Rich Rosenblum, Co-CEO of GSR Fund (tier 3), shared his thoughts with Blockworks that #Bitcoin remains pretty correlated with the equity markets, strongly shrugging off last weekend, and will probably continue to see this correlation until the election on Nov 4.
However, in the past 5 days, it seems like the #BTC price has been moving in the opposite direction of indices like the S&P100, S&P500, and XAU. Even after being listed as an ETF, #BitcoinETF💰💰💰 is not currently following the trends of the US stock market, and similar to the Ethereum ETF, the current buying pressure seems to be diminishing. 😳
The crypto market today appears quite gloomy 😰with the trend of Smart Money currently focused on trading in the sideways range and #meme on DEX. 📌
What are your thoughts on the market in the coming days?
