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
![Bitcoin’s correlation with the S&P 500 returned to growth after the fall](https://storage.getblock.net/source/1/DvaVoEShcZ1llKVYbNN0GXxO6HLw9WM9.webp)
12.09.2022 - 07:30
369
1 min
0
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.
Useful material?
Market
Australia’s largest financial institutions have refused to process payments to digital asset trading platforms due to the risk of fraud
Jul 26, 2024
Politics
According to the politician, the value of the country’s bitcoin reserves should equal the value of gold reserves
Jul 26, 2024
Mining
The capacity of the Bitaxe device used by the network participant is only 500 Gh/s
Jul 25, 2024
Trends
Meanwhile, Trump-inspired assets have not shown significant growth
Jul 22, 2024
Market
The fee will be as much as 2,5% compared to 0,25-0,19% for competitors
Jul 18, 2024
Market
This is the third consecutive month of decline
Jul 18, 2024