In the current market turmoil, Bitcoin has yet to prove itself as a "hedging" asset that many people claim. In fact, The Block's research suggests that Bitcoin has always been relatively correlated with the stock market. Earlier this year, the correlation between Bitcoin and the S & P 500 index began to be negative. But in March, the index entered a positive range, hitting a high of 0.32. The negative correlation from January to March shows an interesting development. The Block analyst Larry Cermak said: "This correlation is 'in a hurry,' but there is no sign yet."