Bitcoin Santa Claus rally unlikely, according to on-chain and derivatives data
Beyond crypto, U.S. stocks saw another weak performance at the open, the S&P 500 down around 1.4% at the time of writing. For Mike McGlone, senior commodity strategist at Bloomberg Intelligence, the situation was not as bad as it may seem. “Normal Reversion Can Feel Like a Crash - The propensity for correlations to gravitate to 1-to-1 when the stock market declines may be a primary factor for all assets in 2023, particularly commodities,” heBloomberg Commodity Spot Index vs. S&P 500 annotated chart. Source: Mike McGlone/ Twitterthat the marked was displaying potential similarities to the period before the 1929 Wall Street Crash.
The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
“As the 3rd largest non-stable crypto, if it crashes here it's going to drag the whole crypto market down with it', said Hyland.
MatthewHyland_ If your source is MatthewHyland we are doomed.
MatthewHyland_ Cointelegraph sounds more and more like Kevin O'Liar
MatthewHyland_ What is it with you guys? The whole market is crashing, ETH, BTC etc. the entire market is going down but yet to chose to focus on Binance and relate ur FUD to them. Be more objective for crypto media sake 😖
MatthewHyland_ LEVER 🚀🚀🚀
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