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I would like to know if there is a correlation between business cycle and Bitcoin price, whether it is negative or positive.

I am wondering because Bitcoin is deemed as commodity in my country's law, and commodity prices tend to have strong correlations with business cycles. (i.e. gold, oil, ...)

Any suggestions or evidence?

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    Bitcoin might be considered a commodity by your country's law, but that sure doesn't mean it acts like one. – Greg Hewgill Nov 17 '14 at 23:38
  • I suspect that it would be much more strongly correlated with the amount of media attention it gets. – Nick ODell May 19 '15 at 3:07
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There was an article a while ago, probably CoinDesk but I can't find it at the moment. Basically the study concluded that Bitcoin never sleeps. Overall trading volume doesn't correlate with open/close times in any particular timezones. If volume doesn't change with the time of day I don't think the price will either.

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