Bitcoin’s correlation with the stock market has created a circular economy with China – even though trading the asset is officially banned in the country.
As lockdowns continue in Shanghai with possible expansions elsewhere, the CSE 300, a benchmark index of the 300 largest stocks in China, was down 3% while the Hang Seng Index, Hong Kong’s stock index, dropped 2%.Hang Seng, other indices the market to fight off a double-whammy of U.S. threats to de-list China stocks and continued COVID-19 fears.Bitcoin, in turn, fell 1% during Monday’s Asia trading day, and pushed further down throughout Monday trading in the U.S. At time of writing, it was up 2.
So as the stock indexes of the world’s largest economy nervously watch those in the world’s second-largest to see how this next and hopefully final chapter in the coronavirus plays out, bitcoin is caught in the middle. It is a reversal, mind you, from March when it was China markets moving up and U.S. stocks staying flat. Bitcoin didn’t follow the trend because it trades in response to U.S. movement – but now the"circular economy" of China bringing down the U.S. market has in turn brought down bitcoin in this session.
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thesamreynolds DantesOutlook Liqquidity
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