Bitcoin surged past the $42,000 mark yesterday, currently trading at $41,800, coinciding with the S&P 500 reaching a new All-Time High. This has sparked optimism in the crypto community, with expectations that major cryptocurrencies like Bitcoin might “regress to the mean” and align with the performance of equity markets. The cryptocurrency market has notably lagged behind the stock market, particularly after a shift in trends observed since January 17. Santiment data indicates that bitcoin euphoria peaked shortly after the approval of 11 spot ETFs on January 11th. However, on January 17th, a significant correlation broke as Bitcoin declined below $40,000
The post Bitcoin Surpasses $42,000 Mark Amidst Market Optimism, But There’s A Catch appeared first on The Merkle News.