Bitcoin Correlation With Big Tech Increases to Record
Since the start of the pandemic, Bitcoin has tended to move in the same direction as the Nasdaq 100 index -- and they’re now in unison more than ever. The 40-day correlation between the two reached a record of 0.6945 on Friday, Bloomberg data show. The increase further erodes the argument that Bitcoin works well as a diversifier, one that’s been help up by proponents as key to its appeal.
(Bloomberg) -- Copper Technologies Ltd. hired a team of executives from Bank of America Corp. to run a unit developing infrastructure for prime brokerage platforms, seeking to meet demand from institutional investors and banks for more direct access to cryptocurrencies.
The London-based digital asset custodian said the unit will be led by Michael Roberts, who joins immediately from BofA, where he was head of the bank’s prime brokerage platform for the Europe, Middle East and Africa region. Roberts will be joined by former BofA directors Adam Groom and Paul Barham from the same team at the bank, as well as Ben Carr and Ross Budgen.
The team from BofA join a growing pool of bankers from New York to Singapore trading traditional finance for the crypto industry. The annual Bitcoin conference in Miami last week drew executives from giants like Fidelity International Ltd., Mastercard Inc. and Ernst & Young LLP, in addition to the thousands of crypto enthusiasts that flock to the event.
Bitcoin Extravaganza is ‘All About Eye-Catching’ Post Pandemic
Most firms seeking to offer prime brokerage in cryptocurrencies must currently purchase digital assets on an exchange before being able to trade — a problem Copper sought to solve with its ClearLoop network launched in 2020, Chief Executive Officer Dmitry Tokarev said.
Copper’s infrastructure for prime
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