The relationship between Bitcoin (BTC) and the stock market is collapsing, according to crypto analytics firm Santiment.
Saniment Remarks Bitcoin and altcoins tend to rise when they have very little correlation to stocks and after the release of the most recent Consumer Price Index (CPI) data on Wednesday, the crypto rallies while that the S&P 500 and gold fell.
“If they’re not correlated, that’s a good sign of a potential breakout.”
Bitcoin is trading for $20,637 at the time of writing. The top-ranked crypto asset by market capitalization is up over 4.6% in the past 24 hours.
This is a potentially positive development for the price of ADA in the near term, according to the analyst firm.
“The last time the crowd was this negative in January, ADA rebounded +24% in 5 days until sentiment turned positive again.”
gimbal is trading for $0.44 at the time of writing. The 8th largest crypto asset by market capitalization has risen almost 4% in the past 24 hours.
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