Mike Novogratz, CEO of Galaxy Digital, said that with its recent rise, the statements about Bitcoin leaving the stock market should be paid attention to. In his recent statements, the crypto billionaire also joined the list of financial experts discussing whether Bitcoin is related to the S&P 500, one of the most controversial issues in recent years. According to Bitcoin proponent Novogratz, the short-term movements of the leading cryptocurrency should not give the impression of an uncorrelated asset. Novogratz says that price movements need to be watched for another 2-3 weeks. As Kriptokoin.com, we are providing the details…
Mike Novogratz, assessing the current state of the Bitcoin price
In recent months, the behavior of BTC, the world’s largest cryptocurrency by market value, has dramatically changed that of the US stock markets. looks like. Despite this, the S&P 500 and BTC’s 50-day correlation level rose to 0.51 on Thursday. This is still lower than the 0.64 level seen earlier this year. Novogratz, on the other hand, made the following statements on this subject in his statements at KBW’s fintech conference on Thursday:
It is too early to say that Bitcoin’s price performance is different from stock markets. We’re witnessing something new if the price of Bitcoin rises above $45,000 in two or three weeks while stock markets remain stable or crash. A week is not enough time to say the relationship is over.
Other crypto experts have stated that BTC is approaching a tipping point. Sven Henrich, founder of market analysis firm NorthmanTrader, said in his statements on the subject:
There is a possibility that the current correlation will diverge. Bitcoin price may remain a dangerous asset in the near term, but will be a safe haven in the long run.
BTC has been moving with US market indices in recent months
On Thursday, the 50-day correlation between the S&P 500 and Bitcoin rose to 0.51 but remained below the 0.64-year high. . A leading cryptocurrency, which has risen with predictions that Russian billionaires and civilians may switch to Bitcoin this week to protect their assets, fell again late last night as Russia attacked Ukraine’s main nuclear power plant. At the time of writing, Bitcoin price is trading in the $41,500 region.
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