Despite a 2%+ drop in the S&P 500, Bitcoin remains steadfast

The U.S. equity markets experienced a sharp correction on Thursday, September 29, but Bitcoin (BTC) and the larger crypto market have remained remarkably stable with little volatility. As of the time of this writing, BTC has a market cap of $371 billion and is currently trading 0.42% lower at $19,357.

The BTC has moved by less than 1% and has been holding steady on the weekly chart as well. At the same time, the S&P 500 experienced a Thursday decline of over 2%. Therefore, what we are currently observing could be the first indications of Bitcoin’s eventual decoupling from the American equity market. According to on-chain data provider Santiment

As is well known, central banks all over the world have been having difficulty managing the current macroeconomic environment. The British central bank has switched to money printing measures amid its quantitative tightening measures to safeguard its bond market.

Stanley Druckenmiller, a renowned investor, said during a presentation at CNBC’s Delivering Alpha conference on Wednesday that the central bank’s lack of trust could lead to a revival of the cryptocurrency market. According to the investor, a recession by 2023 is highly likely because the U.S. economy is already in serious trouble. Added him:

“I could see cryptocurrency having a big role in a Renaissance because people just aren’t going to trust the central banks.”

Despite adding that it “is tough for me to own anything like that with central banks tightening,” the investor admitted that he does not currently own any cryptocurrencies. NorthmanTrader’s founder, Sven Henrich, a company that conducts market research, stated: “You know we’ve reached a unique time in history when #Bitcoin suddenly is less volatile than fiat currencies”.