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Arcane Research has released a report stating Bitcoin has recently set a new peak correlation coefficient with the S&P500 index. It reached a value of 0.49, breaking the previous record set in October 2020.
According to Arcane Research, the 90-day correlation is actually a new peak that shows the unprecedented rise in the price and value of Bitcoin in its entire history.
This is another confirmation of the fact that the threat of correlation with the stock market remains high enough for the growth of BTCUSD, as it may sink due to the prospect of several stages of Fed interest rate hikes until the end of 2022.
Understanding the U.S. Treasury yield curve has reinforced the existing correlation. Yields on 10-year and 2-year bonds have now fallen to 20 basis points, short of the inversion where they could have gone negative. These statistics are often seen as a marker of an impending recession in the market.
It is worth noting that the idea that cryptocurrencies in general and Bitcoin in particular also respond to market fundamentals such as hyperinflation creates tension between the belief that the main cryptocurrency itself can be used as a hedge against inflation, as claimed by some firms, such as MicroStrategy.
In parallel with the growing correlation of cryptocurrencies with the stock market, their implementation can now receive a new impetus in the world.
Larry Fink, CEO of investment management firm BlackRock, said on Thursday about "a possible boost in cryptocurrency adoption due to the Russian-Ukraine war," Reuters reported. This emerging trend has forced him to change his stance towards cryptocurrencies to a positive one.
According to him, the new reality has pushed banks and companies dealing with foreign currency settlements to switch settlements abroad to cryptocurrencies and digital assets.
The CEO of BlackRock believes that digital currencies such as Bitcoin can be used as a settlement tool for international transactions.
Fink noted that current events will force countries to rethink their dependence on fiat currencies and embrace cryptocurrencies as an alternative tool. He told BlackRock shareholders about this. Due to the increased interest of customers in digital currencies and stablecoins, BlackRock began to study their usefulness and benefits.
Moreover, he believes that a well-designed payment system based on digital currencies will improve the existing settlement system for international transactions. It can also reduce the risk of money laundering and corruption at the same time.
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