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Crypto Rising? Beyond High Beta Equity and FTX
Traditional finance had two dominant perspectives on cryptoassets as 2022 drew to a close. Some saw bitcoin and the like as merely stand-ins for high beta equity market exposure. Others believed that FTX-related reputational damage had rendered the asset class toxic and uninvestable for the foreseeable future if not for all time. But crypto’s performance in the first half of 2023 has proven the lie to both these characterizations and revealed an asset class with resilience. The correlation between bitcoin and the S&P 500, NASDAQ, and other equity market indices has shifted conclusively from positive to negative in ... (full story)