Bitcoin Hits 17-Month High Correlation With S&P 500 – March 23

πŸ“ˆ 30 Second Cryptocurrency Price Summary

Current Bitcoin Price:Β $42,558

Bitcoin price is still sitting comfortably over $42,000 today, failing to fall below $41,800 over the last day of trading.

Top-20 altcoins are looking steady, as Ethereum remains unchanged, BNB gains 1% and Cardano rockets ahead with a 13% charge.

Top Stories for March 23, 2022 πŸ”₯

πŸ‘‰ Bitcoin Hits 17-Month High Correlation With S&P 500

Bitcoin’s correlation to the S&P 500 index has reached its highest level in 17 months – and has only been more highly-correlated for five days in its entire history.

A 90-day correlation marker between the two markets reached 0.49 at the end of last week, which represented the highest figure since October 2020. The correlation may be weakening the notion that Bitcoin is a safe-haven asset like gold, which has historically been highly uncorrelated to equity markets.

πŸ‘‰ US Investment Bank Cowen To Enter Crypto Custody Business

US-based Investment bank Cowen – which manages around $16 billion in assets – has partnered with Standard Custody and Trust Company to launch a crypto custody business.

Cowen Digital will offer full-service trade execution and custody for Bitcoin and other cryptocurrencies, targeting institutional investors. The business had been planned since May 2021.

πŸ‘‰ Polkadot Project Acala Launches $250M Fund For Stablecoin

Polkadot-based project Acala has launched a $250 million fund to accelerate awareness and adoption of its Acala USD stablecoin (aUSD).

Alameda Research, Digital Currency Group, Kraken Ventures and several others have contributed to the fund, which will provide grants to early-stage projects on Polkadot that incorporate the use of aUSD.