A new article published by the Wall Street Journal (WSJ) magazine is in the Bitcoin news today, suggesting that the correlation between Bitcoin and traditional assets markets has been high in recent days.
The article pulled data from the research firm Excalibur Pro Inc. in which the WSJ states that Bitcoin has traded at a 0.84 correlation to gold over the past five days where -1 indicates complete inversion and +1 indicates perfect correlation.
WSJ also shows why this kind of a pattern formed. The first reason for that is the reported influx of institutional money into the crypto and blockchain space, especially the Grayscale Investments’ over-the-counter exchange-traded fund (ETF) as a prime example. The article also shows that this trust saw $51 million in assets under management during its first year (2013) and by the end of last year, it surged to around $3.5 billion.
Another crucial factor is the venture capital (VC) investment which was around $96 million in 2013 and grew to $500 million in 2016 and to over $2 billion in all-time VC crypto investments by the end of 2017.
The WSJ report also noted that a major pull factor for traditional capital into crypto is the building of trading services and infrastructure with high regulatory compliance, the crypto futures trading market and the attempts to gain broad acceptance for crypto-based ETFs.
As reported, new major developments on the horizon could be the launch of the Bakkt Bitcoin futures exchange, the launch of investment giant Fidelity’s digital assets business and the influx of stalwart investors including the names of Yale, Harvard and Stanford Universities.
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"We believe this thesis still remains intact which could mean seeing a break of the lows in the coming weeks. A 25% selloff in BTC from the current lows of $3,200 would be to roughly $2,400."He also shared that the next sell-off could be just what the crypto market needs in order to finally break the backs of the bears and reach a new bull momentum in 2019.
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“Bitcoin is now accessible at your local grocery store via Coinstar kiosks, and this offering will make it even easier for consumers to participate in this dynamic new economy.”Coinstar, on the other hand, offers coin-to-cash conversion in their kiosks in multiple countries around the world but it still remains unknown whether the Bitcoin feature will expand just as quickly as it did in the US. Coinstar’s CEO Jim Gaherty noted: Coinstar offers coin-to-cash conversion kiosks in various countries throughout the world. It remains unknown whether the Bitcoin feature will expand beyond the U.S., while the company did not provide figures on how many machines will offer it.
“Coinstar is always looking for new ways to offer value to our consumers when they visit our kiosks.’’According to CoinATMRadar industry monitoring resource, there are more than 4187 Bitcoin ATMs worldwide and more than 60 percent or 2516 are in the United States. The market has grown plenty over the years and many operators are trying to get control of what they think to become a fairly popular trend for crypto usage.
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