04 March 2022 09:49, UTC
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Galaxy Digital CEO Mike Novogratz believes that it is too early to say that Bitcoin has become an independent asset. He will correct for a long time with the shares of technology companies, Bloomberg quoted the billionaire as saying.
Over the past two weeks, BTC has indeed risen in value, while the US stock market has retreated. But this trajectory was caused not by fundamental, but exclusively by political factors.
The correlation of action weakened sharply last week, and now it remains low. However, it is too early to say that bitcoin has finally got rid of technology stocks.
If in two or three weeks you see bitcoin above $45,000 and stocks are falling in the meantime, you will say that something special is happening. However, one week is not enough to cause a correlation break.
A similar point of view is shared by Sven Henrich, who founded the market analysis website NorthmanTrader.
In his opinion, at present, bitcoin is still a risky asset, but in the long term, it will be able to receive the status of a safe haven asset.
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