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The correlation between bitcoin and the stock market could develop as more establishments grow to be concerned with cryptocurrency and the variety of equities linked to digital currencies grows, strategists mentioned.
For now, the hyperlink is unfastened: generally excessive, and different occasions adverse. Bitcoin has been highly volatile, however watching the cryptocurrency has generally been a clue to sentiment.
“When I are available in the morning I let bitcoin give me a little bit of a cue about how the market would possibly trade,” mentioned Katie Stockton, chief technical strategist at Fairlead Securities.
Bitcoin’s wild weekend sell-off set the tone for Monday’s stock market decline, she mentioned.
