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After the deepening of the crisis in Ukraine resulted in further price declines, the stock and crypto markets suffered quite a bit. These were precisely the conditions under which Bitcoin should rise. However, its correlation with stocks weakened, so Bitcoin has lost a lot in a short time.
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The market started to recover quickly and in just 24 hours, Bitcoin rallied over 10%. Other popular cryptocurrencies are also doing very well. Can we then say that Bitcoin is the new digital gold? It is believed that Bitcoin could become digital gold. However, before that happens, the cryptocurrency needs to be decoupled from the stock market. The correlation between Bitcoin and stocks is likely due to the same investors holding a position in the stock market and cryptocurrencies.
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By the way, it should be remembered that Bitcoin can already be considered the gold of millennials. Right now we can see that there is strong support at $30,000 for the current conflict. It may be many more years before we see Bitcoin as a safe haven asset that is uncorrelated to the stock market.
Source: https://pl.tradingview.com/symbols/BTCUSD/
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