{"id":366513,"date":"2018-12-27T15:29:50","date_gmt":"2018-12-27T15:29:50","guid":{"rendered":"https:\/\/ktsl888.com\/?p=366513"},"modified":"2024-06-11T07:32:09","modified_gmt":"2024-06-11T07:32:09","slug":"pompliano-bitcoin-could-fall-under-3000-but-it-remains-non-correlated","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/pompliano-bitcoin-could-fall-under-3000-but-it-remains-non-correlated\/","title":{"rendered":"Pompliano: Bitcoin Could Fall Under $3,000, But It Remains Non-Correlated"},"content":{"rendered":"

As traditional equities have plummeted in value, especially Nasdaq-based technology stocks, interestingly, so has the Bitcoin (BTC) market. This seeming correlation was most recently exemplified by crypto’s tumble<\/a> on Christmas Eve, as BTC fell from $4,200 to $3,800 as industry commentators were claiming that a “Santa Claus rally” was nigh. Other digital assets followed, with Ethereum (ETH) quickly posting a double-digit loss as it trailed behind the flagship crypto.<\/p>\n

During the same trading session, worldwide macro markets purportedly saw their worst Christmas Eve since the Great Depression, with the Dow Jones Industrial Average losing 2.25 percent in a day’s time. The freefall wasn’t isolated to U.S. markets, however, as Japan’s Nikkei 225 collapsed by 1,000 points, a five percent loss, and a move which made global investors trepid en-masse.<\/p>\n

Related Reading: Top Tech Stocks Lost More Than Entire Crypto Market Since All-Time High<\/a><\/em><\/h5>\n

Yet, for the longest time, Bitcoin’s cardinal narrative is that its\u00a0day-to-day action shouldn’t be reminiscent of traditional markets.\u00a0So, it should come as no surprise that Andrew Sorkin, a prominent journalist and CNBC anchor, called crypto’s non-correlated nature into question during a recent installment of “Squawk Box.”<\/p>\n

Bitcoin Is Non-correlated, Christmas Crash Was Just a Coincidence<\/h2>\n

And who better to ask than one Anthony Pompliano, a former Snapchat and Facebook growth team member turned crypto diehard, who now heads Morgan Creek Digital. On Boxing Day’s Squawk Box episode, Pompliano, better known\u00a0as Pomp to his followers, claimed that Bitcoin is “definitely” a non-correlated asset. Referencing data compiled by Morgan Creek, which NewsBTC cited in a recent report on Bitcoin’s role in pension funds<\/a>, Pomp noted that the correlation between BTC and the S&P 500 is near-zero. The investor even added this is much of the same with the U.S. dollar index.<\/p>\n

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Today's CNBC segment:<\/p>\n

– Bitcoin is uncorrelated to stocks
– Supply & demand economics work
– Long Bitcoin, Short the Bankers<\/p>\n

The message won't change. Onward!https:\/\/t.co\/MqJ1LEZnKa<\/a><\/p>\n

— Pomp \ud83c\udf2a (@APompliano) December 26, 2018<\/a><\/p><\/blockquote>\n