Bitcoin Dips as China’s Evergrande Defaults; Altcoin Outperformance Could Fade

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“As of recent weeks, bitcoin has surfaced more like a risk asset – correlations against U.S. equities spike above 0.6 the past few days alongside the sell-off in technology stocks last Friday,” Lennard Neo, head of analysis at Stack Funds, a crypto funding agency, wrote in a report on Thursday. “However, crypto assets did not see the same rebound that U.S. equities had earlier this week,” Neo wrote.