This week the bitcoin price plunged to a little over $38,000 before rebounding this morning.
For starters, major cryptos are highly correlated to the stock market.
“It is immediately obvious that Bitcoin’s stock market beta has turned persistently higher since the onset of the pandemic, implying that it has become more influenced by stock market fluctuations and in the same direction.
However, William Clemente, lead analyst at mining firm Blockware, thinks this correlation is temporary.