While the BTC price cratered over Alameda-FTX and Genesis-Gemini news, it decoupled from the S&P 500 Index and NASDAQ Composite. But after crypto exchange markets priced in the news, they were ready to rally with equities.

Because of the Bitcoin stocks correlation, the price on crypto exchange markets moves in tandem with tech stocks like Tesla (NASDAQ: TSLA).

Jake Gordon at Bespoke Investment Group said:

“Seems to me that Bitcoin is moving higher in sympathy with stocks/risk assets. The most interesting thing is that the run in bitcoin is coming out of a very tight range since the whole FTX saga too. Next few days will be a good test if we take out the December highs.”

That shows even multiple colossal crypto startup failures aren’t enough to keep the Bitcoin price down for long. But what it especially reveals is that the Bitcoin stocks correlation is becoming a secular trend.

(By Wesley Messamore)