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Bitcoin Price Becomes Interest Rate Sensitive Since 2020

January 30, 2022
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Bitcoin Price Becomes Interest Rate Sensitive Since 2020

On January 25, Reuters quoted data that the price of bitcoin has become more sensitive to interest rates since the beginning of 2020.

According to an analysis released this month by the International Monetary Fund (IMF), the correlation between Bitcoin and the S&P 500 index was 0.01 from 2017 to 2019; while Refinitiv data shows that the volatility of the two has been positive since the beginning of 2020. Correlation, its correlation coefficient rose from 0.1 in September 2021 to the current 0.41.

It is reported that for this coefficient, 0 means no correlation, and 1 means that the two fluctuations are completely synchronized. Ben McMillan, chief investment officer at IDX Digital Assets, said that Bitcoin is in a 60/40 type of portfolio, an institutional strategy that allocates 60% of the portfolio to relatively riskier stocks and 40% to bonds, so “it is It’s not surprising to start to be more sensitive to interest rates.”

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