"Decoupling" was the word across the crypto markets earlier this month as Bitcoin (BTC-USD) managed big gains even as equity markets stalled and/or sold off.That hadn't been the case for much of this crazy year, as Bitcoin plunged right alongside stocks (even worse, actually) in March, and then rebounded on a nearly perfectly-correlated basis up through about mid-October.The correlation has returned today, and Bitcoin - which looked set to challenge $14K at one point overnight - has tumbled back below $13K alongside a 2.5% selloff in the S&P 500.Whether inflation hedge, alternative asset, or the next Apple (see Paul Tudor Jones' recent comments), Bitcoin - at least over shorter time frames - continues to behave like a high-beta stock.
