With a momentary spike above $11,000 levels, the price of Bitcoin has pulled back down again and is consolidating around $10,700 levels.
Experts say that Bitcoin’s attraction for institutional investors may increase correlation, with crypto market hitting $1 trillion this year. As Bitcoin’s correlation with stocks jumps to 2-year high, the currency becomes like everything else on Wall Street.
After its bullish run to above $800 billion, crypto markets are seen correcting by nearly 10%.
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The cryptocurrency ecosystem is definitely changing with altcoins rising in value and endangering the indisputable leadership of Bitcoin.
Austrian cabinet ministers offered guidance on the status of bitcoin.