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Knowledge reveals the Bitcoin correlation with S&P 500, and therefore the inventory market, has now set a brand new all-time excessive (ATH).
Bitcoin Correlation With S&P 500 Reaches New Excessive
As identified by an analyst in a CryptoQuant publish, the BTC correlation with the inventory market is at present at an all-time excessive, additional damaging the “protected haven” narrative.
The “Bitcoin correlation with S&P 500” is an indicator that measures how strongly the worth of BTC reacts to volatility in S&P 500, in addition to the path of the response.
When the indicator has values higher than zero, it means there’s a constructive correlation between the inventory market and the worth of the crypto in the mean time. “Optimistic” right here implies that BTC strikes in the identical path as S&P 500.
However, correlation values lower than zero indicate that BTC reacts to S&P 500’s worth modifications by transferring in the wrong way.
Values of the indicator precisely equal to zero naturally imply that there isn’t a correlation between the 2 belongings. Now, here’s a chart that reveals the development within the S&P 500 and Bitcoin correlation because the yr 2013:
The indicator's worth over the historical past of the crypto | Supply: CryptoQuant
As you possibly can see within the above graph, the correlation between Bitcoin and S&P 500 swung between constructive and detrimental whereas remaining low for probably the most a part of BTC’s historical past.
Nonetheless, since late 2019-early 2020, the 2 belongings have develop into strongly, positively correlated. Throughout 2020, the metric had a crash as a result of COVID unload, however the indicator sharply rose in the course of the 2nd half of 2021 and 2022 thus far.
The correlation between the Bitcoin and the inventory market has now set a brand new all-time excessive (ATH) of +0.5468 this month.
Such excessive correlation between the belongings has additional put a dent on the narrative of “digital gold” because the crypto is now not the protected haven it as soon as was.
On the time of writing, Bitcoin’s worth floats round $39ok, down 12% within the final seven days. Over the previous month, the crypto has gained 10% in worth.
The under chart reveals the development within the worth of BTC over the past 5 days.
BTC's worth appears to made some restoration over the past couple of days | Supply: BTCUSD on TradingView
Just a few days again, the worth of Bitcoin plunged down, touching as little as $36.4k. Since then, the worth of the coin has proven some restoration, breaking above the $39ok degree once more right this moment. In the meanwhile, it’s unclear whether or not this contemporary uptrend will final.
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