Crypto’s correlation with mainstream finance could bring more bleeding soon
Since the start of the year, the crypto market’s performance has been considerably poorer than the S&P 500 and other popular indexes. There’s no denying the fact that the crypto market has been faced with an obscene amount of bearish pressure over the last eight odd months. Despite this, September has been especially turbulent for the industry, with the price of Bitcoin (BTC) dropping below the all-important $20,000 psychological threshold before forging a comeback. While these dips have called into question the asset’s status as digital gold and a hedge against inflation, a key question worth examining is how deeply intertwined the crypto market with the global economy is. To this point, historic inflation numbers have driven the price of everything under the sun — from fuel to food — to record highs. And, despite the S&P 500, a stock market index tracking the performance of 500 large companies listed on exchanges in the United States, being down year-to-date (YTD), its perf...