Bitcoin News Thebittimes.Com

According to Arcane Research, there is a high level for the rolling 30-day correlation between Ethereum (ETH) and Bitcoin (BTC), of 0.96.  Since December 2016, this metric has been higher only 3% of the time. The only time ETH and BTC had stronger correlations were in late November 2018, early March 2019, in 2021 following the Covid fall, and the 2022 3AC catastrophe. As a result, the cryptocurrency market is currently highly correlated, with BTC acting as the main driving force. According to the Analysis firm, Bitcoin (BTC) and US equities correlation are also declining . Due to the FTX drop, Bitcoin was unable to absorb the favorable equities reaction to the November 10 CPI release’s lower-than-expected reading. The firm attributes the falling correlation to the reduced market cap, reduced liquidity, and BTC’s 77% fall. The diminished market liquidity may make it less attractive for sophisticated funds to use BTC-related macro trading tactics....

Crypto asset prices have been mundane so far in 2022. It’s been weeks since Bitcoin has remained stagnated around the $20k mark. All attempts to climb above the said level have been futile till now. The market has additionally been characterized by low volatility of late. As illustrated below, this metric noted a free fall to its one-year low towards the end of last month. Despite noting a slight recovery, it continued to hover around its lows at press time. Source: Messari As a result, the largest crypto asset is currently less volatile than equity indices like Nasdaq and the S&P 500. #Bitcoin is now less volatile than S&P 500 and Nasdaq . pic.twitter.com/7x2zaTmgKM — Michael Saylor⚡️ (@saylor) November 6, 2022 Also Read: If MicroStrategy invested in Ethereum over Bitcoin, What would be its Valuation? What to expect going forward? Yassine Elmandjra—Crypto Analyst at ARK Invest—took to Twitter to highlight the current stat...