Fintech

Bitcoin’s surge confuses even pro traders: ‘It’s trading like a Treasury’

Is it sanctions? Is it Switzerland? Traders try to explain why crypto has broken free of stock correlations

Bitcoin jumped 13% to $43,471 early on 1 March, surging from a trough at the start of the Ukraine conflict in the mid-$30,000 range
Bitcoin jumped 13% to $43,471 early on 1 March, surging from a trough at the start of the Ukraine conflict in the mid-$30,000 range Photo: Getty Images

Last week, we wondered in the Fintech Files if the Russia-Ukraine conflict would become a true test of bitcoin's mainstream adoption.

After all, the crypto asset was until recently very tightly correlated with equities, and cryptoassets have become less volatile as both pro and green investors dip their toes in.

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