Bloomberg analyst: Bitcoin's rise yesterday was negatively correlated with the stock market, outperforming U.S. bonds and comparable to gold levels

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According to Foresight News, Eric Balchunas, a Bloomberg ETF analyst, said, "When the stock market dropped yesterday, Bitcoin rose significantly, showing a negative correlation with the stock market over the past week or so, outperforming U.S. Treasuries (which have become unreliable again), although gold is at the same level (-98). Obviously, this is an absurd short-term cycle, but in my view, if it wants to become a true alternative, it must achieve these small increases."

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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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