RATE Group | This correlation suggests bitcoin may end year ‘explosively higher’
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This correlation suggests bitcoin may end year ‘explosively higher’

25 Aug This correlation suggests bitcoin may end year ‘explosively higher’

Posted at 21:16h in Bitcoin News by

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If you’re trying to figure out when bitcoin’s slump will end, you may want to look at the emerging markets.

According to Fundstrat Global Advisors’ Thomas Lee, there’s an important correlation budding between emerging markets and bitcoin, the most dominant coin in the cryptocurrency space.”

“Both really essentially peaked early this year, and they both have been in a downward trend,” the firm’s head of research said Friday on CNBC’s “Trading Nation.” “Until emerging markets begin to turn, I think in some ways that correlation is going to hold and tell us that sort of the risk on mentality is those buyers aren’t buying bitcoin.”

The iShares MSCI Emerging Markets Index ETF is down about 8 percent so far this year….

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