Gold and stock markets are now correlated with Bitcoin, says WSJ

29 Dec, 2018 | Updated: 02 Jan, 2019
by Alberto Arnaldo
Trading
Gold and stock markets are now correlated with Bitcoin, says WSJ

Over the past five days, Bitcoin appears to have abandoned its previous rogue path and has started to move with the waves of traditional finance. Research from Excalibur Pro reported by the Wall Street Journal points towards an stabilizing effect coming from the institutional influx of capitals.

The main findings of the article are a 0.84 correlation with gold and a 0.77 one to the Chicago Board of Options VIX volatility index, along the past 5 days.

The author points towards the incoming institutional capital as a trigger for the new price behavior. As an example, they show the growth of Grayscale’s Bitcoin Investment Trust, which is currently valued at almost $800 million, up from $51 million back in 2013.

Read more: What are the hottest cryptocurrency trends for 2019?Will Bitcoin recover in 2019?

It seems as if the ground is all set for the eruption of Intercontinental Exchange’s Bakkt and other stock market operator’s similar products, plus also the launch of Fidelity in the short term.

Read more: Is Bakkt delaying the launch of its Bitcoin futures platform again?Bakkt is almost ready, despite problems in futures market, WSJ hints

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