Bitcoin fell for the fourth consecutive trading day, and its short-term 30-day correlation with the MSCI stock index dropped sharply

Odaily Odaily News Bitcoin fell for the fourth consecutive trading day. The market is currently facing a series of challenges, including weakening demand for U.S. Bitcoin spot ETFs, the government's disposal of seized cryptocurrencies, and the impact of political changes in the United States. In addition, Mt.Gox managers may be returning a large amount of Bitcoin to creditors in stages. This morning, a Mt.Gox cold wallet transferred $2.7 billion worth of Bitcoin. At the same time, MSCI Inc.'s global stock index hovered near its historical highs, and the short-term 30-day correlation between Bitcoin and the index is falling sharply. Stefan von Haenisch, head of trading at OSL SG Pte, said: "There is a general lack of heat in the crypto market at present. Most of the news that is currently being spread, such as the Mt.Gox sell-off, is more bearish in nature." He believes that the cryptocurrency market is waiting for the Federal Reserve to make a more moderate statement on monetary policy, adding: "One or two interest rate cuts, coupled with the Fed's balance sheet expansion, are the two key factors that cryptocurrencies are really waiting for." (Bloomberg)