Analysts at DB say the crypto has been closely correlated with US equity indexes S&P500 & NASDAQ 100.
DB looking for the indexes to recover (to levels seen in January) by year-end, taking BTC along
DB liken crypto to diamonds and De Beers marketing efforts:
- “By marketing an idea rather than a product, they built a solid foundation for the $72 billion-a-year diamond industry, which they have dominated for the last eighty years. What’s true for diamonds, is true for many goods and services, including Bitcoins,”
DB info via Bloomberg (gated)