By Marcus Sotiriou, Analyst at the UK based digital asset broker GlobalBlock
Bitcoin (CRYPTO: BTC) rallied by an incredible 17% yesterday, on a day that the S&P 500 was down by 0.25%. We have seen crypto be correlated closely to the US stock market for months, but Bitcoin is showing signs of decoupling from this correlation in the short term. Bitcoin is being heavily bid due in part to the narrative of being a permissionless and censorship-resistant way of transferring value, as it has been used during the crisis in Ukraine as well as political unrest in Canada. It is also fascinating that, after a week into geopolitical uncertainty, Bitcoin is outperforming gold, which is known as a safe-haven asset.
