Crypto Markets Analysis: Bitcoin’s outperformance relative to ether highlights a flight to safety. The assets’ normally tight correlation has decoupled periodically in recent weeks. GWilliamsJr_CMT reports
In the aftermath of the U.S. Federal Reserve’s interest rate increase, what stands out more than the immediate reaction in bitcoin and ether pricing is their performance relative to each other in recent weeks.
Bitcoin enjoyed a flight to safety as concerns about the banking industry ramped up. As a result, the"bitcoin as an alternative to fiat currency debasement" argument resurfaced. The combination of factors has driven bitcoin higher. BTC’s correlation with the dollar index has moved to -0.78, indicating a growing inverse relationship between BTC and the U.S. dollar.
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