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The correlation between bitcoin and the inventory market may develop as extra establishments develop into 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 instances destructive. Bitcoin has been highly volatile, however watching the cryptocurrency has generally been a clue to sentiment.
“After I are available within the morning I let bitcoin give me a little bit of a cue about how the market would possibly commerce,” mentioned Katie Stockton, chief technical strategist at Fairlead Securities.
Bitcoin’s wild weekend sell-off set the tone for Monday’s inventory market decline, she mentioned.