Analysts have noticed an increase in the correlation between the bitcoin rate and the S & P500
Are Bitcoin and Stocks Correlated?
According to The Block, last week the correlation between bitcoin and the S index&P500 reached record level.
Analyzing information from the Coin Metrics and FactSet services, the company’s analysts found that, despite the initially insignificant interdependence between the tools, recently it increases gradually. They claim that there is now a 30-day moving correlation between the BTC and S&The P500 has a clear upward trend during periods of bitcoin price crashes.
In March, shares of European and American companies sank due to the impact of the coronavirus on the global economy. Last week index S&P500 fell 7.5%, but over the same period bitcoin rate stopped declining and grew by almost 20%.
We also reported earlier that according to opinion analytics from Fundstrat, Bitcoin will take months of consolidation to repair the technical damage already done from the crash.
text: Ivan Malichenko, photo: day, Shutterstock, timeline: The Block