Bitcoin more of a ‘diversifier’ than safe-haven asset: Report
“Bitcoin still needs to mature before decoupling from stock markets,” but presents significant benefits as a portfolio diversifier, according to the co-founder of Redstone Oracles.
Bitcoin’s fluctuating correlation with US equities is raising questions about its role as a global safe-haven asset during periods of financial stress.
Bitcoin (BTC) exhibited a strong negative correlation with the US stock market when analyzing the short-term, seven-day trailing correlation, according to new research from blockchain data provider RedStone Oracles, shared exclusively with Cointelegraph.
However, RedStone said that the 30-day indicator signals a “variable correlation” between Bitcoin price and the S&P 500 index, with the correlation coefficient ranging from -0.2 to 0.4.
