BITCOIN RECORD HIGH

Bitcoin had already breached $61,000 and fallen back over to $54,738 when Tesla CEO Elon Musk announced in a tweet on March 24, 2021, “You can now buy a Tesla with Bitcoin.” Within what’s dogecoin , bitcoin prices began an upward trend, settling in the upper $50,000s. The price of Bitcoin, Ether, and other cryptocurrencies slumped on Thursday, reversing a recent rally as a deep selloff in the stock market spread to digital assets..

• The recent rally in the Bitcoin prices along with the broader cryptocurrency market came on the back of multiple filings for Bitcoin exchange-traded funds in the US, including an application by BlackRock Inc.

Abstract: We look at the price correlation between Bitcoin and some traditional financial assets since 2012 and notice that the correlation with stocks in the last few months has reached record high levels, although it remains reasonably low in absolute terms. We conclude that a crypto-coin investment thesis of a 8220new non-correlated asset class8221 may therefore have some merit, although correlations may increase if the ecosystem expands. Due to the current correlation with stocks, Bitcoin may no longer offer downside protection in the event of a financial crisis, which some people may expect.