Bitcoin’s correlation with the S&P 500 returned to growth after the fall
The value of the index indicates a significant dependence of the cryptocurrency on the stock market
12.09.2022 - 07:30
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What’s new? After falling to zero in June 2022, the correlation between bitcoin and the S&P 500 Index has increased dramatically. According to Yahoo Finance, this indicator stood at 0,59 on September 9. When the correlation index exceeds the level of 0,5, there is a strong dependence of the first cryptocurrency on the stock market.
News on the Yahoo Finance website
The S&P 500 stock index includes a basket of shares of the 500 largest-capitalized public companies traded on the US stock exchanges. The index is compiled by analytics firm, Standard & Poor’s. As of September 12, the S&P 500 stands at 4 067,36, having gained 1,53% per day.
What other data is presented? Bitcoin had significant divergences from the index in December 2020 (-0,38) and summer 2021 (up to -0,45). In August 2022, the index was at 0,31 and in early September it was 0,44.
In July, analysts at Deutsche Bank said that the price of bitcoin would reach the $28 000 mark by the end of 2022. According to a report, the correlation between digital asset rates and the Nasdaq 100 and S&P 500 stock indices has been increasing since November 2021. Experts predicted that by the end of the year, the S&P would rise to January levels, which means that the price of the first cryptocurrency could follow.
As of September 12, 07:50 UTC, BTC is trading at $22 179, having gained 2,73% per day, according to Binance.
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