False Safe Haven: Bitcoin Correlation With S&P 500 Hits ATH
Data shows the Bitcoin correlation with S&P 500, and hence the stock market, has now set a new all-time high (ATH). Bitcoin Correlation With S&P 500 Reaches New High As pointed out by an analyst in a CryptoQuant post, the BTC correlation with the stock market is currently at an all-time high, further damaging the “safe haven” narrative. The “Bitcoin correlation with S&P 500” is an indicator that measures how strongly the price of BTC reacts to volatility in S&P 500, as well as the direction of the response. When the indicator has values greater than zero, it means....
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Bitcoin’s growing correlations with gold, S&P 500 and Nasdaq 100 indicate that investors see BTC as a “relative safe haven,” BofA strategists wrote. Despite the ongoing cryptocurrency bear market, investors have been increasingly looking at Bitcoin (BTC) as a safe haven, a new study suggests.The rise in correlation between Bitcoin and gold (XAU) is one of major indicators demonstrating investors’ confidence in BTC amid the ongoing economic downturn, according to digital strategists at the Bank of America.Bitcoin’s correlation with gold — which is commonly viewed as an inflation hedge — has....
Bitcoin has zero correlation to stocks once more and critics were wrong to doubt its safe-haven status, says the Morgan Creek Digital co-founder. Bitcoin (BTC) “could not be more uncorrelated” with the stock market, Anthony Pompliano says as data shows that BTC is leaving macro assets behind.In a series of tweets on Oct. 26, the Morgan Creek Digital co-founder, also known as “Pomp,” took critics to task over their accusations that Bitcoin was a poor store of value.Pomp on safe haven Bitcoin: “The market is proving it”Pompliano uploaded a chart from behavior analysis platform Santiment,....
There has been a lot of talk about investors looking to Bitcoin as a safe haven for their investment portfolio. Safe haven markets are very small and hard to get into. Bitcoin may not fit that bill as perfectly as some people think it does. Now that the Brexit doom scenario has happened, there is a lot of uncertainty across the markets. Gold is surging,....
The survey tended to support the view of Bitcoin as a "safe-haven" asset. A survey by Grayscale Investments indicates that the COVID-19 pandemic has increased investor appetite for Bitcoin (BTC).Source: Grayscale Investments.The firm surveyed 1,000 U.S. consumers between the ages of 25 and 64 that were involved in personal investments of $10,000 or more in household investable assets. The survey was conducted in June-July 2020. 63% of the respondents who had invested in Bitcoin in the previous four months said that the pandemic had an impact on their decision. Moreover, 39% found Bitcoin....
Data shows the correlation between Bitcoin and Gold has turned negative, a sign that the two assets are moving in the direction opposite to each other. Correlation Coefficient Is Now Underwater For Bitcoin & Gold In a new post on X, CryptoQuant community analyst Maartunn has talked about the latest trend in the Correlation Coefficient between Bitcoin and Gold. The Correlation Coefficient is a tool from statistics that measures the relationship between two given variables over a given period, typically one month. In the current case, the variables are the prices of BTC and Gold. Related....