HomeCryptoThe enduring positive correlation between bitcoin and stocks

The enduring positive correlation between bitcoin and stocks

-


Cryptocurrency Outlook and Expert Insights: Bitcoin Stability, Ethereum Gains, and Political Influence

Bitcoin (BTC-USD) has been on a rollercoaster ride in recent months, but it seems to be finding stable ground after reaching an all-time high earlier in 2024. The crypto space has also seen gains in ethereum (ETH-USD) following the approval of spot ether ETFs by the SEC in late May.

Ben McMillan, Chief Investment Officer at IDX Advisors, shared his insights on the cryptocurrency market, highlighting the correlation of Bitcoin to stocks and the impact of macroeconomic factors on its performance. He emphasized the positive correlation of Bitcoin to risk assets, suggesting that investors need to factor this in when considering it in their portfolios.

McMillan also discussed the influence of traditional investors like Peter Thiel on the crypto market, noting that structural bullishness on crypto remains strong despite potential volatility ahead. He highlighted the importance of understanding Bitcoin as a high beta, high duration tech play within investment portfolios.

In addition, McMillan touched on the significance of crypto in the upcoming presidential election, noting the active role of crypto PACs and the favorable sentiment towards Trump within the crypto community. He emphasized the growing influence of the crypto lobby and its impact on shaping a more thoughtful narrative around cryptocurrency innovation in America.

Overall, the outlook for Bitcoin and the broader crypto market remains positive, with potential catalysts like spot Ethereum ETFs and continued macroeconomic trends shaping the future of digital assets. Investors are advised to stay informed and cautious amid potential volatility, but the long-term prospects for crypto assets like Bitcoin appear promising.

LATEST POSTS

Advancing Federal Regulation of Blockchain and Cryptocurrency: A Focus on Sullivan & Worcester’s Initiatives

Key Points of FIT21 Legislation and Potential Impact The U.S. House of Representatives made history on May 22, 2024, by passing H.R. 4763, also known...

Is this a signal of Bitcoin hitting bottom? German government depletes BTC supply

German Government Running Out of Bitcoin to Sell, Potential Reaccumulation Phase Beginning The German government is nearly done selling Bitcoin, with only 3,856 BTC left...

Could a Trump presidency improve the sentiment problem in the crypto industry?

The Trump Trade: How a Potential Trump Presidency Could Impact Crypto Markets The race for the presidency is heating up, and it seems that former...

Justin Sun, Tron Founder, Invests $5 Million in ETH

Tron Founder Justin Sun Invests $5 Million in Ethereum (ETH) Tron Founder Justin Sun Invests $5 Million in Ethereum Amid Spot ETF FOMO Justin Sun, the...

Most Popular