21 Jun '13, 2pm

Bitcoin Prices Follow Dollar with 0.89 Correlation

Bitcoin Prices Follow Dollar with 0.89 Correlation

As the bitcoin market continues to mature, with more players entering and liquidity growing to support broader uses, the world’s favorite cryptocurrency is beginning to reflect movements of the USD with an astoundingly high correlation. Bitcoin, a new entrant to the forex world, is just beginning to find its place among the world of alternative assets. Many assume that bitcoin, as a decentralized, non-state issued currency, would gain value as inflationary pressures on traditional currencies increase. If that were the case, it would more closely follow existing inflation hedges, most notably gold, but that has not been the case. As shown in the chart below, BTC’s correlation with gold is not only relatively insignificant, it’s actually been -0.4 since the market settled following the mid-April crash. Bitcoin is known for being a volatile asset, with prices as low as $13 an...

Full article: http://www.thegenesisblock.com/want-to-know-where-btc-pri...

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