Correlation between bitcoin and S&P 500 turns negative for the first time in almost a year
The figure is -0,74
21.11.2022 - 08:30
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What’s new? According to the analytics platform IntoTheBlock, digital assets have depegged from risky assets. This happened after the collapse of the FTX crypto exchange. For example, the correlation between bitcoin and the S&P 500 stock market index turned negative on November 20 to -0,74. This suggests that the market of digital assets has ceased to respond to the dynamics of the dollar and stock indices. Previously, a similar situation was observed in December 2021. As of November 21, 08:50 UTC, BTC is trading at $16 029, down by 3,17% in 24 hours, according to Binance.
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 November 21, the S&P 500 stands at 3 965,34, having gained 0,48% in 24 hours.
On September 9, the correlation between bitcoin and the S&P 500 index increased sharply to 0,59.
Bitcoin situation. The number of bitcoin wallets with balances of more than 10 000 BTC increased significantly in November. The number rose to 40 000, according to Glassnode. This is most likely due to a drop in the quotations of the asset.
El Salvador’s President Nayib Bukele said that starting November 18, the state would buy 1 BTCevery day. This initiative was supported by TRON blockchain founder Justin Sun, who also began investing in the asset on a daily basis.
Liquidation of short positions in BTC across all exchanges reached a year-high. On October 26, positions worth $331,8 million were liquidated.
According to Google Trends, the popularity of the search query “Bitcoin” rose to 100/100 scores in the past week. Notably, on November 10, bitcoin also fell toa two-year low of $15 780.
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