Bitcoin is in the green despite tech stocks being in the red
In November, Bitcoin's correlation with stocks collapsed to the lowest level since early 2020. Prior to that, the flagship cryptocurrency would move mostly in tandem with traditional stocks since it was being traded as a typical risk-on asset. Since Bitcoin has now become part of portfolios of large funds, Chen argued that it would be"natural" for the cryptocurrency to be tied to Wall Street.
Analytics platform Santiment has pointed to significant accumulation of Bitcoin by key investors, with wallets holding between 10 and 10,000 BTC accumulating over 51,959 BTC in a single day. This represents 0.263% of the total available supply. The continued accumulation of Bitcoin by these wallets signals optimism among investors. This could potentially lead to a positive impact on the overall cryptocurrency market caps.
However, it's noted that this accumulation ideally shouldn't come at the expense of liquidity in stablecoins like USDT and USDC, which are important for facilitating trading and providing liquidity in the crypto market.Alex Dovbnya is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
Blackrock says bitcoin will be a good portfolio diversifier despite its recent rally with stocksRobert Mitchnick, BlackRock's digital assets lead, discusses what bitcoin correlations and risk mean for investors' portfolio construction.
Lire la suite »
Bitcoin Skyrockets Above $70,000 As BlackRock Deems Asset A “Good Portfolio Diversifier”Crypto Blog
Lire la suite »
Bitcoin & Bitcoin Cash Among Top Crypto Gainers as Crypto Prices Pump: What About Green Bitcoin?Crypto Blog
Lire la suite »
BlackRock's Bitcoin ETF to Leave Gold in Dust with $10 Billion MilestoneBlackRock's iShares Bitcoin Trust on track to surpass $10 billion in assets
Lire la suite »
Bitcoin ETFs Witness Explosive $520 Million Inflows, While BlackRock Breaks RecordsBitcoin ETFs experienced another half-billion surge in inflows, with BlackRock's BTC ETF notching remarkable $1.3 billion in trading volume
Lire la suite »
Shocking Bitcoin Strategy from BlackRock Calls for 28% AllocationBlackrock has allegedly suggested a staggering 28% allocation to Bitcoin for investors' portfolios during a private event
Lire la suite »