(Bloomberg) -- This week's routs in Bitcoin and stocks have more in common than you think, writes Bloomberg Gadfly's Lionel Laurent. A chart of Bitcoin's price plotted against S&P 500 E-mini futures shows how both moved in similar formation when the selloff reached a trough and a mini-rebound began. While Bitcoin is essentially just a piece of code, don't forget that it did become a real-world financial fixture last year when futures contracts began trading and -- despite the rampant speculation surrounding it -- the digital currency sure isn't looking like much of a hedge against the traditional markets, Laurent said.
--With assistance from Elaine He
To contact the reporter on this story: Lionel Laurent in London at llaurent2@bloomberg.net.
To contact the editors responsible for this story: Cesca Antonelli at fantonelli@bloomberg.net, James Boxell at jboxell@bloomberg.net, Nancy Moran
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