Could this be it? Could we finally, really be seeing Bitcoin decouple from traditional markets?
Since ATH, Bitcoin has lost a lot of value in comparison with DJIA but there are numerous examples of traditional markets in significantly positive days / week and Bitcoin appearing tightly correlated.
Granted, we are in a tumultuous time and we have had the 20% swings in bitcoin since we broke the ~$18k status quo we were sitting in for months. But with the bank failures recently, BTC seems to be relatively up while traditional markets are more stagnant / down / fearful.
On this sub we’re all in relative agreement of course that BTC is the necessary antidote to the fiat BS, but it is almost feeling like there might be a greater sentiment in that direction. Not that I’m seeing that in news articles (usually signaling the end of a Bull market). But as the rubber is hitting the road I half expected BTC to be depressed by the recent catastrophes rather than what ought to happen, which is people flocking to it.
While no one is flocking, I’m hopeful that we are at a critical inflection point. Many of the BTC-liquid (short term) people have sold over the last year, we are left.
Then there are the people who never got in in the first place and maybe a non-negligible number of them are recognizing that despite BTC being dead again lately after FTX and other crypto-specific catastrophes, it’s actually doing just fine and doesn’t look to be on its deathbed even by a casual observer.
In addition to those there are the shrewd business-folks who, yes, need their cash and will still mainly deal in that, but are thinking it might be time to enter into BTC as a hedge / safe-haven.
Of course, we are still missing major pieces to full-fledged adoption, particularly by mainstream and larger volumes of wealth and that’s everything to do with regulation. Yes, I know, I know “Bitcoin doesn’t need your banks”, of course, but without an entire financial collapse the fact of the matter is that regular joes are not going to learn crypto, so mainstream doesn’t get here until someone major offers crypto-services, a Chase, Wells Fargo, Amazon, Google, etc. Those tech companies probably wouldn’t even cut it, it would need to be a major player in the financial industry. I don’t like it any more than you do but it’s the reality.
submitted by /u/hexbit65