Spare a thought for BNB, which MatthewHyland_ warns 'has nothing but air below it.'
Bitcoin Santa Claus rally unlikely, according to on-chain and derivatives data
Beyond crypto, U.S. stocks saw another weak performance at the open, the S&P 500 down around 1.4% at the time of writing. For Mike McGlone, senior commodity strategist at Bloomberg Intelligence, the situation was not as bad as it may seem. “Normal Reversion Can Feel Like a Crash - The propensity for correlations to gravitate to 1-to-1 when the stock market declines may be a primary factor for all assets in 2023, particularly commodities,” heBloomberg Commodity Spot Index vs. S&P 500 annotated chart. Source: Mike McGlone/ Twitterthat the marked was displaying potential similarities to the period before the 1929 Wall Street Crash.
The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
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