Kaiko Research says the correlation of Bitcoin (BTC) to stocks is on the rise, with the 90-day correlation rising to 0.17 last week after hitting a low of 0.01 in March. According to the firm's May 13 research report, Bitcoin's 90-day correlation to stocks rose to 0.17 in the week of May 5, up from a multi-year low of 0.01 in March. BTC's correlation to risky assets is lower than the 0.6 high seen during the bull market.
The study also highlights the high volume of the Brazilian cryptocurrency market. From January to early May 2024, Brazilian real (BRL) trading volume reached $6 billion, making it the largest cryptocurrency market in Latin America and the seventh largest fiat currency market in the world.
Kaiko also reported other data. The company noted that the prices of ETH puts and calls have diverged since March. Kaiko said the trend could be a sign that volatility is coming as the U.S. SEC rejected or approved the spot Ethereum ETF on May 23.
Brazil's cryptocurrency trading volume reaches $6 billion in the first four months of 2024
2024-05-14 00:36:30
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