RATE Group | Bitcoin Forms Uncanny Correlation to Global Markets as Dow Jones Rallies 5%
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Bitcoin Forms Uncanny Correlation to Global Markets as Dow Jones Rallies 5%

03 Mar Bitcoin Forms Uncanny Correlation to Global Markets as Dow Jones Rallies 5%

Posted at 01:27h in Bitcoin News by

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Last week was rough for investors across virtually all major markets, with the Dow Jones and other benchmark stock indices plummeting in tandem with traditionally uncorrelated assets like Bitcoin, gold, and oil – with investors fleeing risk-on assets due to fears regarding the rapid spread of the deadly Coronavirus.

The markets have been able to snap this intense losing streak today, however, with the Dow Jones rallying over 5% today while Bitcoin and most other major cryptocurrencies have similarly been able to climb roughly 4%.

The fact that Bitcoin and the aggregated crypto market has rallied today alongside the Dow Jones and other benchmark stock indices seems to further confirm the notion that BTC is in fact correlated with the global markets.

Although this correlation could simply be a coincidence, it has certainly done damage to the “safe haven asset” narrative that many Bitcoin investors have subscribed to.

Dow Jones Rallies as Stock Market Snaps Weeklong Losing…

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