Bitcoin Briefly Breaks $11.9K on Renewed US Stocks Correlation; $12K Next?
Bitcoin held onto its weekly gains as traders waited for US Congress to agree on the second coronavirus package on Tuesday. The benchmark cryptocurrency added $67, or 0.5 percent, to trade near $11,827 ahead of the New York opening bell. Likewise, the US stocks inched higher in the pre-trading session, renewing its positive correlation with […]
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Bitcoin’s correlation with the stock market has been on the rise over the last year. What started out slowly had quickly ramped up in the last few months to reach the highest correlation points in recorded history. Once this had peaked, it was expected that both markets would begin to decouple from one another. However, […]
A growing positive correlation between Bitcoin and stocks could spell trouble for the former, according to Vlad Antonov of Santiment, a data analysis service.
BTC used to be an uncorrelated asset, but that’s no longer the case. What can gold and stocks suggest about the crypto markets? Bitcoin (BTC) is an uncorrelated asset, or so the narrative used to go. For much of Bitcoin’s lifetime, it existed as something of value to a very small group of people. Now, awareness and demand are accelerating rapidly. So, what does this mean for the status of BTC as a supposedly uncorrelated asset? That Bitcoin was an uncorrelated asset isn’t just conjecture — the numbers back it up. According to data compiled by VanEck in early 2021, there was almost no....
Bitcoin decoupled with the stock market and saw its correlation with gold rise to a level not seen since last year. Bitcoin (BTC) and gold are no longer investors’ primary choices as inflation hedges amid the strengthening United States dollars. The current turmoil in financial markets added to the geopolitical tensions has run havoc on the majority of the assets that investors prefer to invest in during times of financial crisis.Bitcoin has lost nearly 70% of its market cap since the market top last year while gold, which strengthened its position in the first quarter of the year despite....
Bitcoin (BTC) and U.S. stocks have shown a negative correlation lately, with Bitcoin often moving in the opposite direction of traditional markets. This divergence has caught the attention of analysts and investors, especially as the cryptocurrency enters a period of consolidation along with the broader crypto market. Historically, shifts in this correlation—from negative to positive—have often signaled a bullish trend for Bitcoin. Related Reading: Battleground At $60,000: Bitcoin Faces Pivotal Test As Bulls Aim To Reclaim Key Support As both markets face challenges, the changing dynamics....