“What most of the NFT market has realized is that it’s this hybrid asset,” said Faruq, a former credit derivatives trader at Barclays. “But it is correlated to crypto, which is correlated to Nasdaq, which is correlated to global financial markets.”
Bitcoin Price (BTC) Falls 4% in U.S. Morning Hours
The news combined to send the U.S. dollar and bond yields modestly higher, but had little effect on stocks. Bitcoin,...