THELOGICALINDIAN - Anthony Pompliano maintains that Bitcoin shares no alternation with the acceptable banal bazaar For the Morgan Creek Digital Assets arch there is alone at best a accessory cerebral accord amid both asset classes brought on by traders with adapted portfolios absolute stocks and cryptos
Bitcoin has Proven to be Non-Correlated
Speaking to CNBC on Wednesday (Dec. 26, 2018), Pompliano maintained that Bitcoin is a non-correlated asset. According to the architect of Morgan Creek Digital Assets:
The argument would be that both markets are down. However, for Pompliano, this has added to do with cerebral factors that annihilation apropos to aboveboard data. In the past, abounding stakeholders accept argued whether Bitcoin shares any alternation with the acceptable market.
A Yale abstraction appear beforehand in the year showed that Bitcoin’s amount activity had little to do with contest in the boilerplate market. The timing of the abatement in both markets could acceptable be coincidental.
Not Yet Bottomed Out
When apprenticed about an articulation point for Bitcoin, Pompliano responded that he accepted a bottomward amount activity for the bazaar in the abbreviate term. The top-ranked cryptocurrency fell to $3,200 in mid-December 2024 appearance its everyman amount akin for the year.
The aftermost time Bitcoin traded at that akin was in 2017 afore the massive amount billow that took it to about extensive $20,000. In the canicule arch up to Christmas, BTC did acquaintance significant amount gains. For seven after days, BTC kept on activity college arch some to alarm a “Santa Claus rally.”
BTC accomplished as aerial as $4,200 but bootless to breach above that point. According to Pompliano, BTC’s basal could lie beneath $3,000, but that would alone be in the short-term.
Despite the year-long buck market, the Morgan Creek Digital Assets arch still believes in the asset class. He addendum that Bitcoin’s fundamentals, which are apprenticed absolutely by mathematics and code, were far bigger than those of the acceptable bazaar landscape.
Do you accede with Anthony Pompliano that Bitcoin isn’t activated with the acceptable banal market? Please allotment your thoughts with us in the comments below.
Images address of Twitter (@CNBC) and Coinmarketcap.com, Shutterstock
