Follow the fall and the rise! Bitcoin and U.S. stocks are moving in the same direction, safe-haven properties no longer exist?

Bitcoin followed U.S. stocks lower on Thursday as the situation between Russia and Ukraine escalated, leaving investors hard hit, but it has rebounded again following U.S. stocks as U.S. sanctions against Russia fell short of market expectations.

The 60-day correlation between the cryptocurrency and the S&P 500 has risen to 0.6 on Thursday, when the correlation between the two research variables is known to gradually converge to 1, suggesting a strictly linear relationship between the two.

Callie Cox, a U.S. investment analyst at eToro, said, "Cryptocurrencies are becoming a more institutionalized market, moving away from being a speculative instrument to becoming an investment vehicle."