On April 20 a video was published on CNBC.com in which Brian Kelly and different journalists talk about Bitcoin and its possible relationship with the stock market.
Reviewing the graphs, the video team alleges that since December the movements of BTC and the stock market are getting closer, which could indicate, along with other factors that there is a correlation between the movements of both ecosystems.
Kelly alleges that Bitcoin has been experiencing declines in taxes as well as the entire cryptocurrency ecosystem, and that this may be the same reason why the stock market is also suffering the same path.
In reference to the issue of taxes, they mention personalities such as John Paulson who had to change more than one trillion dollars to fiat money to settle his tax debt.
This is where the previously mentioned correlation comes from. Apparently, during the last 10 years, stock market investors did not have to pay taxes on their profits in the market and now they must do so, the same happens with Bitcoin and cryptocurrencies.
When having to pay to the treasury, there are massive sales in both ecosystems which translates as a general decline and this is where the correlation mentioned by experts in the video published by CNBC is.
Because it is the first time this happens, it is simply a theory, and we only have to wait until the following year to see if the phenomenon is repeated in the same way, although clearly different factors could appear that alter the movements of both markets.
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I love when analyst attempt to look for some type of correlation with stocks and crypto. Yesterday Dow Jones dropped 400 points and the crypto markets were still around the same market cap. Great share! @janasos