The below is from a recent edition of the Deep Dive, Bitcoin Magazine’s premium markets newsletter. To be among the first to receive these insights and other on-chain bitcoin market analysis straight to your inbox, subscribe now.

Volatility Spikes, Bitcoin Follows

We have covered the relationship between equity market volatility and bitcoin price action extensively since the start of the new year, as the inverse correlation between the price of bitcoin and the VIX (S&P 500 Volatility Index) remains extremely strong. Volatility spiked yet again today as markets reacted to Putin’s speech from yesterday, recognizing the independence and sovereignty of the Donetsk People’s Republic and the Luhansk People’s Republic.

Markets react to Putin’s speech as investors move to safety across risk assets, which is negatively impacting the price of bitcoin and tech stocks.

Inverse correlation between the price of bitcoin and the VIX remains extremely strong.

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