Bitcoin Steady Near $38.5K as Australian Central Bank Ends Easing Program

Bitcoin ( $76,225.00 ) has nearly halved in value since peaking near $69,000 on Nov. 10, predominantly due to fears of faster Fed tightening. The cryptocurrency’s fortunes are closely tied with the equity markets, with the 60-day correlation between the two assets now at 65% versus virtually zero in 2017. The sensitivity to stock market gyrations and macro factors like central bank decisions perhaps stems from increased institutional participation. Besides, Bitcoin ( $76,225.00 ) has been one of the inflation trades.