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October 30, 2020, 04:36:49 PM |
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What I see in the chart is they are highly correlated except for recently, which was due to the Paypal news if I see the timing right.
I think things are fairly correlated for now, but of course today is a good example where they are not, meaning dow jones is down while bitcoin is rising. I think we will see this more in the future because bitcoin is so unique and also people will gain confidence in it.
The other tough part though is I know there are many people who will sell bitcoin when they see large drops in stocks, but they do it to buy stocks, so the correlation is not a "true" correlation. This is probably what happened in March I would think, people just wanted to have cash.
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