Bitcoin has become an asset haven again after a 20% spike in the past two days?

Nicholas Colas, co-founder of DataTrek Research, also noted that this cryptocurrency rally is due to people using these assets as a solution to evade sanctions.

After back-to-back rallies, Marc Chandler, chief market strategist at Bannockburn Global Forex, gave some insight into how bitcoin's post-market will fare. He believes that bitcoin fundamentals are elusive and that market psychology may be more critical. He notes that a breakout of bitcoin above the February highs is key, and once that happens it could subsequently rise above $50,000.

According to media statistics, bitcoin's correlation with the S&P 500 has fallen from 0.7 at the beginning of the year to about 0.55, and bitcoin's linkage to U.S. stocks is declining.