Recent market events have demonstrated that Bitcoin (BTC) is gradually breaking away from the conventional equities system. This has been exemplified through its most recent sharp price spike following the Federal Interest Rate hike announcement. BTC rose above $29,200 within just 3 hours of the news being made public.

The rise in the interest rate in the past 14 months has generated turbulence between crypto and equity markets. With Bitcoin's close association over the past 1.5 years, questions arose as to whether this link can continue to exist.

However, recent events have provided a window of optimism for the crypto sector. Bitcoin's address activity reached its highest level in two weeks yesterday, indicating a positive reaction from traders to a sharp price drop. Furthermore, the report found that there were no extreme shorts for the largest cryptos by market cap.

At press time, Bitcoin is valued at $29,175.44, while the global market cap stands at around $1.20 trillion. This reflects a 1.56% jump in just 24 hours.

The correlation between crypto and equity markets has long been a cause of concern for crypto investors. However, it appears that the recent trend of crypto breaking away from the conventional system is a sign of hope for the industry. The on-chain metrics of the largest crypto - Bitcoin - have indicated that the market is indeed on its way to recovery, as prices continue to rise and volatility remains fairly low.



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