The start of 2022 has not been kind to bitcoin as the asset is down by more than 15% in less than two months. With this decline, the cryptocurrency has resembled the performance of the largest US stock market indexes, and the correlation between the two asset classes has reached a new all-time high, according to CryptoQuant.
Bitcoin Moves Inline With S&P 500
Aside from the typical COVID-19 concerns, 2022 began with more worries, some from an economic point of view, others from the geopolitical sphere.
More precisely, the US Federal Reserve outlined plans to increase interest rates as of March this year, which had an immediate impact on most financial markets.
However, what’s significantly more concerning is the situation in Eastern Europe and the growing tension between Russia and Ukraine. As the world’s largest country by landmass continues to threaten the borders of Ukraine and most Western countries led by the US and Germany willing to impose sanctions, the financial markets
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