Breaking Down Bitcoin's Price Action - Todays Near Perfect Correlation with US Equities

What is fascinating about Bitcoin are the multiple short-term correlations that emerge. We have witnessed strong, short term correlations to Gold, to USD/CNY, and most recently US Equities. This signals an expanded breadth of market participants owning Bitcoin. Each correlation indicates a different use case - Digital Gold, Vehicle for Capital Flight, Risk-On Asset (Disruptive Technology).

The range of use cases maintain Bitcoin as an overall uncorrelated asset beyond short term intervals - an attractive feature for every portfolio.