Opinion: Bitcoin's Correlation with the US Stock Market or the Illusion Created by Market Makers

BlockBeats News, April 5th, Bloomberg Intelligence analyst James Seyffart posted on social media, stating that Bitcoin's resilience is indeed surprising. He never expected that in the midst of a broad sell-off of risk assets, it could still hold above $80,000, even as gold is falling.

In response, Blockstream co-founder and CEO Adam Back said that the so-called correlation was likely just an illusion. It is very likely that market makers used the shortage of Bitcoin market fiat liquidity to create a false correlation, especially evident during the U.S. market opening hours.