What next as Bitcoin and equities head in opposite directions

Bitcoin's 30-day correlation coefficient with popular equity indices like Nasdaq and S&P 500 has turned negative.

Proponents of Bitcoin have long positioned it as the “safe-haven asset,” or an investment whose value is expected to be steady or even rise during economic downturns, similar to precious metals like Gold.

But this has started to change. The spate of banking collapses in March led investors to put their funds in the crypto market. Following this, the world’s largest crypto by market cap, Bitcoin soared 52% until hitting its yearly peak in April, as per IntoTheBlock. On the other hand, equity indices were largely flat until that point.The decoupling became even more pronounced in Q2 2023, as the crypto market in general and Bitcoin in particular entered a consolidation phase.

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