SummaryBitcoin is often proposed as an alternative to stocks/bonds.However, it is increasingly correlated with the stock market.Looking at several studies and recent events, I don't expect this to reverse unless Bitcoin's adoption fades massively.This was exemplified by Bitcoin and the S&P 500 diving in sync after Powell announced another hike in interest rates.Bitcoin (BTC-USD) has long been championed as an alternative asset class. Now, in a time when many investors are seeking just that, amidst hit after hit to equities as the Federal Reserve keeps raising rates, Bitcoin is more correlated to the stock market than ever. As Bitcoin becomes more mainstream, I don't expect this trend to reverse. All of this is problematic for Bitcoin as an asset.September 0.75bp Rate Hike Tanks BitcoinOn Wednesday, the Federal Reserve met and decided on yet another 0.75 basis point hike. Additionally, they made it excessively clear that curbing inflation is the Fed's number one priority:The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. In support of these goals, the Committee decided to raise the target range for the federal funds rate to 3 to 3-1/4 percent and anticipates that ongoing increases in the target range will be appropriate. In addition, the Committee will continue reducing its holdings of Treasury securities and agency debt and agency mortgage-backed securities, as describ...
XRP Price Prediction For 24 November
