Kaiko Research said Bitcoin’s (BTC) correlation with equities is rising, with a 90-day correlation rising to 0.17 last week after hitting a multi-year low of 0.01 in March.Meanwhile, Brazil experienced a significant rise in volume and is outpacing the dollar.Bitcoin’s 90-day correlation with equities rose to 0.17 the week of May 5, above its multi-year low of 0.01 in March, according to the firm’s May 13 research report.BTC’s correlation with risk assets is below its 0.6 high, as seen during bull markets.Bitcoin has maintained a near-zero correlation with the European equities index STOXX 600 since the beginning of 2024. At the start of the year, BTC had a -0.14 correlation with China’s CSI 300 equities index; the correlation remains below zero.The company attributed recent changes to a sell-off of risk assets in April that resulted from “macroeconomic headwinds and geopolitical tensions.”The research report also highlighted high trading volumes in the Brazilian crypto market.Brazilian real (BRL) trading volume amounted to $6 billion between January and early May 2024, making it the largest Latin American crypto market and the seventh-largest fiat currency market globally.BRL trading volumes grew 30% from the previous year and have risen more rapidly than US dollar (USD) trading volumes since January.Certain assets dominated trading. Stablecoins accounted for almost half of all BRL trading, while BTC and ETH accounted for 43% of BRL trade volume.Kaiko also reported other data.The company noted that prices for ETH puts and calls have diverged since March. Kaiko said the trend “could be a sign of impending volatility” as the US SEC rejects or approves spot Ethereum ETFs on May 23.Kaiko noted that foreign crypto ETF approvals have “failed to stimulate markets.” Hong Kong’s OSL exchange experienced volumes of $1.7 million at the end of April, following the region’s approval spot Bitcoin and Ethereum ETFs on April 15.In contrast, OSL saw volumes close to $8 billion in January when the US approved spot Bitcoin ETFs.Finally, Bitcoin fees surged following Bitcoin’s halving but fell following early interest in the Bitcoin Runes Protocol. The company said that reduced fees could result in selling pressure among crypto mining companies, which could have a “negative impact on markets.”Before transitioning to crypto writing in 2018, Mike studied library and information sciences. Currently, he resides on Canada’s West Coast.AJ, a passionate journalist since Yemen’s 2011 Arab Spring, has honed his skills worldwide for over a decade. Specializing in financial journalism, he now focuses on crypto reporting. Your daily dose of must-have crypto news and deep dives. Direct to your inbox. Transforming tourism with Bitcoin: Brazil’s cities adopt crypto for daily use.CoinShares reports minor outflows in cryptocurrency funds overshadowed by persistent high trading volumes and equity investments.The trading volume of USDT in Brazil exceeded the combined trading volume of all other cryptocurrencies in 2022, according to the Receita Federal do Brasil.A Brazilian congressional committee has made the recommendation to indict Zhao and other for fraud and other securities violations; the decision to press charges now falls to the police.The current uncertainty in the market is being fueled by the impending Federal Open Market Committee’s (FOMC) decision on cutting interest rates.Embracing Bitcoin mining could be pivotal in Trump’s envisioned energy strategy.Miller argued that the flagship crypto remains vastly undervalued and predicts a major shift in global capital governance.The report highlights significant gaps in law enforcement’s ability to track and recover illicit digital assets moved via privacy coins, layer-2 networks, and crypto mixers. CryptoSlate’s latest market report dives deep into the effects corporate Bitcoin purchases have on the market.Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
