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Bitcoin (BTC) Decouples from S&P 500 (SPY): Bloomberg’s Eric Balchunas
In a surprising turn of events, Bitcoin has broken away from its traditional correlation with the S&P 500 index. According to Bloomberg, this decoupling is being observed by Eric Balchunas, a well-known analyst.
As reported by U.Today, Bitcoin’s price has continued to rise despite the recent decline in global stock markets. This unexpected move has caught many off guard and sparked heated discussions among market experts.
The news comes as a significant departure from the long-standing relationship between the two assets. In the past, it was common for crypto and traditional markets to closely follow one another’s movements. However, this recent trend suggests that Bitcoin may be charting its own course.
Bloomberg’s Eric Balchunas noted that this decoupling has the potential to reshape the way investors approach the cryptocurrency market. According to him, the connection between Bitcoin and the S&P 500 is no longer valid.
This development is likely to have significant implications for traders and investors alike. It remains unclear whether this trend will continue or reverse itself in the future.
As the crypto community continues to debate the meaning of these events, it’s essential to follow closely any further updates on market trends and news.
Source: Bloomberg
Source: https://u.today/bitcoin-btc-decouples-from-sp-500-spy-bloombergs-eric-balchunas
