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This is exactly what we asked EXMO's Serhii Zhdanov. Let's hear from him.
Serhii Zhdanov (EXMO): Since the beginning of 2023, the correlation between BTC and stocks has dropped considerably. This was caused by the decline in job vacancies and the regional bank crisis in the US, which both evoked discussions about a possible recession in the country. As a result, we observed a strong flight from risk to quality. Bitcoin, quite unexpectedly for many, became a hedge against the banking crisis. Investors reconsidered their risk management practices and began allocating funds to crypto assets.
Serhii Zhdanov (EXMO): However, we can't say with certainty that cryptocurrencies no longer react to the behaviour of the stock market, since Bitcoin's latest price movements are noticeably similar to the movements of gold and S&P 500\Nasdaq indices. Important economic dates and earnings reports of tech giants such as Microsoft (MSFT), Amazon (AMZN), Nvidia (NVDA), Apple (AAPL), among others can still influence the price of Bitcoin. However, this impact is noticeably lower than observed in 2022, when BTC demonstrated a high correlation with shares, with prices moving almost in unison.
