Research Director in the company Pension Partners Bilello Charlie (Charlie Bilello) believes that, as markets of bitcoin and stock shares in the past year together showed no growth, you would expect that together they will demonstrate and decline. However, in early 2018, the interaction between them ceased to be tracked. For example, for the period from December bitcoin dropped by 60% and stock index S&P showed a decrease of 4%.
“If we refer to the 2010 and comparable data for bitcoin and S&P, it is not find no correlation between them over time… But if between some phenomena nabludaetsa zero correlation, this does not mean that they can’t sometimes move in the same direction,” said Bilello aired by CNBC.
Bilello recommends to distinguish between correlation and causation. In his opinion, the fundamental reason why stocks and cryptocurrencies would move together, does not exist. In addition, the shares associated with profit in the long run, and bitcoin with the sentiment. However, he understands that people are looking for between them the relationship of risk appetite and stocks and cryptocurrencies.
Recall that, according to the head of Fundstrat Global Advisors Tom Lee (Tom Lee), the recent decline in the prices of bitcoin is likely to be a result of the expiration of futures contracts for cash. While earlier analysts of the Federal reserve Bank of San Francisco explained the fall of bitcoin exchange rate in December 2017 launch of bitcoin futures, and researchers from the University of Texas believe that the bitcoin market is being manipulated by the company Tether.