[krunck]

Wall Street is not doing well at the moment[1] and is probably calling on it's hedges[2] - including Bitcoin - to cover losses.

[1] https://news.ycombinator.com/item?id=46904619

[2] https://en.wikipedia.org/wiki/Hedge_(finance)

[Ekaros]

My guess is that Bitcoin was never a actual hedge. But instead fully speculative gambling. Hedge is really something someone would want in market correction or something that keeps value in such. Bitcoin never was actually wanted for anything but gambling.

[zamadatix]

The markets have hardly moved yet and there are far bigger dips and faster dips within the last year which did not have such an effect https://i.imgur.com/nYSdiUN.png. I also agree with the sibling it doesn't really make sense to call Bitcoin a hedge if it's supposed to drop with the market.