For the first half of this year, before the crypto industry took a big hit from the failure of a number of crypto companies, including lender Celsius
For the first half of this year, before the crypto industry took a big hit from the failure of a number of crypto companies, including lender Celsius Network, Three Arrows Capital and most recently, FTX, bitcoin was directly correlated with both the S&P 500 and the Nasdaq 100 stock indexes, which are both strongly affected by inflation. According to traders, this was because institutional investors were increasingly buying bitcoin and trading it as they would stocks.
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