Unhinged: the stock and crypto markets
Today, the Dow dropped 1.9% and the S&P 500 went down to 2.3%, however, the crypto market reacted in a different manner. Bitcoin is up a little over 2% in the past 24 hours and most cryptos follow in that same general pattern. This is a good thing. To have the stock market's behavior and crypto's behavior separate and independent speaks to the honey badger-like "don't care" mentality that helped build the space. I see today's price movement as a good sign going forward. One day, crypto may be regarded not as a risky investment, but as a hedge against the legacy investments of the stock market.
Nice interpretation, but I wouldn't compare these values directly, as there is an economy (with builders, workers, assets an so on) behind the stocks. Crypto is instead more kind of a deep feeling that there needs to be change, coming close to an alternative to old-fashioned stock trading. - I really love the "democratic" idea behind cryptos.
Fair enough. I can't say that I disagree.