Stocks and Bitcoin battling back today
After selling off the last few days, stocks are making a comeback.
This morning stocks opened way down, and then I saw this notification...
(Source: https://twitter.com/fundstrat/status/1159177111862730753)
Yep, stocks were down bigly and then went positive.
Bitcoin was down most of the evening and turned positive early in the morning, going back over $12k.
Interestingly enough, does this mean if stocks go up bitcoin will go down?
I am not sure what the correlations are anymore.
There is a definitely inverse correlation at play, just look at the drops this year in equities and the rise in bitcoin.
It does seem to be inversely correlated now, which I think is probably not a good thing and won't last. I think stocks will zoom higher again shortly.