Cryptocurrencies at the end of the week are unable to keep up with stock market bulls. Despite an increase in risk appetite in global markets, Bitcoin is losing. The reason is the industry's internal problems and the systemic risk posed by the collapse of the FTX exchange and the Alameda Research fund. BlockFi joined the ranks of those at risk today, freezing withdrawals:
- The head of the Binance exchange and the richest of the 'cryptocurrency billionaires,' Chanpeng Zhao conveyed that cryptocurrencies are facing an internal crisis comparable to what Wall Street experienced in the wake of the Lehman Brothers bankruptcy, in 2008.
The bearish divergence can be seen very clearly when we juxtapose Bitcoin with NASDAQ contracts:
Bitcoin, M15 interval. The major cryptocurrency is losing correlation with the US stock market (US100, golden line) and slipping around $16,600 despite positive sentiment in global stock markets. Source: xStation5
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