In these frothy days I view cryptos and stocks as two sides of the same risk coin - pardon the pun. I'm pretty sure that many risk-hungry speculators are leveraging one position against the other. Therefore, performance in one drives performance in the other.
Here is a one year chart of relative performance of BTC (purple solid line) and SPX (bars). Recent weakness in BTC is not reflected in SPX, at least not to any great extent. BTC is down 9% while SPX is up almost 9%. I expect this 18% spread to narrow.
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