Crypto x Stocks: Is Un-Correlation in Play?
The stock market and the crypto market have started moving in opposite directions. Yesterday was quite a rough day for stocks. Owing to the revelation of the $100 billion deposit loss and a possible government seizure, the price of FRC stock rolled down the cliff. In just a day, it dropped by more than 49.37% and closed at $8.10 yesterday. As a result, it’s down by more than 90% on the YTD timeframe. First Republic $FRC Down *another* 40% today and now -93% YTD. pic.twitter.com/SxJPjTz7m2 — TradingView (@tradingview) April 25, 2023 Also Read: Coinbase Sees ‘Smart Money’ Worth $8.6 Million Flow Into its Ecosystem In hindsight, both the Nasdaq and S&P 500 registered a streak of red candles and closed in red after noting losses of around 1.5% each. Crypto, on the other hand, has been trading in green. Over the past 24 hours, the global crypto market cap has risen by 2.6%. As shown below, Bitcoin and Ethereum are up by around 4% each from their April 25 lows. BTC/USD...