The Strange Correlation Between Overstock's Stock and the Bitcoin Price
At a time when it’s hard to find a correlation between cryptocurrencies and just about any other asset class, it may come as a surprise that a fairly public stock would be tracking bitcoin. However, that’s exactly what appears to be the case with the share price of Overstock.com (OSTK) and the BTC/USD exchange rate. What’s more, it’s not exactly a short-term coincidence at play. Ever since 2014, the technical price charts between the two assets have developed a striking similarity, one that not only seems to grow stronger as times goes on, but that saw its latest example late last week amidst crypto market turmoil. At first this may seem like comparing apples and oranges, but Overstock was actually the first major retailer to accept bitcoin as a form of payment in 2014. As Overstock’s operations have expanded (the company now has a dedicated blockchain subsidiary, tZero, which hopes
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