Cryptocurrencies once again prove that after the recent declines, which “liquidated” a significant number of positions in derivatives markets, their correlation with the traditional equity market remains limited. Naturally, this reduces short-term volatility in response to developments on Wall Street, but it does not automatically make cryptocurrencies beneficiaries of global risk-off sentiment.

• Bitcoin is rising today toward the $68,000 level, while Ethereum is up 2.5%, despite a sharp over 16% surge in oil prices and a cascading sell-off on Wall Street. Just a few months ago, many market participants would likely have considered such a scenario…