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    Buterin says Terra recovery should target smaller holders

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    NFT Marketplace OpenSea Flags Data Breach, Here’s What Was Leaked

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    Here’s Why Apecoin (APE) Price Is Skyrocketing Today

    ETH Whales Add Over $24 Million Worth Of Sandbox (SAND) Token

    The Sandbox Token (SAND) Eyes $1 On This Bullish Signal

    Uniswap Labs Acquires NFT Startup Genie

    Uniswap Labs Acquires NFT Startup Genie

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    Zuckerberg Confirms Instagram And Facebook Will Display NFTs Soon

    eBay Acquires NFT Marketplace KnownOrigin, Here’s Why

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    NFT Collection Doodles Sees 400% Spike In Volumes On This

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    Virtual Showrooms: The Future of Retail in the Metaverse

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    Mirror Worlds: Merging The Metaverse With The Real World

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    Manchester City Teams Up With Roblox To Unveil New Kit In The Metaverse

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    Samsung Launches 'Space Tycoon' As Metaverse Contributions Continue

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  • Analysis
    bitcoin

    Bitcoin Price Declines Below 50-Day MA, Is A Recovery Expected?

    TA- Trezor (TRB) Holds Strong Above $40, Will The Crypto Pullback Affect It?

    TA- Trezor (TRB) Holds Strong Above $40, Will The Crypto Pullback Affect It?

    Bitcoin

    Bitcoin Price Showing Early Signs of Fresh Downtrend, But $22.5K Is The Key

    Ethereum

    Ethereum Uptrend Vulnerable Unless It Surges Past $1,900

    TA- Binance Coin Price Fails To Break $337, Have Bulls Given Up?

    TA- Binance Coin Price Fails To Break $337, Have Bulls Given Up?

    bitcoin

    Bitcoin Price Must Clear This Level If It Wants To See $28,000

    Bitcoin

    TA: Bitcoin Price Won’t Go Down Quietly: Key Supports To Watch

    Ethereum

    Ethereum Could Take Hit As The Bulls Show Weak Hands

    TA- Dogecoin DOGE Remains Bullish Despite Bearish Signs

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  • Learn About Crypto
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    eCash (XEC) Price Prediction

    Circuits of Value (COVAL) Price Prediction

    eCash (XEC) Price Prediction

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    Bitcoin Standard Hashrate Token (BTCST) Price Prediction

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    What Is USDT Tether Token?

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  • Regulation
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    Huobi explains what went wrong with HUSD after stablecoin is back on track

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    Biden is hiring 87,000 new IRS agents — and they’re coming for you

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    SBI lost 40% of hash rate after stopping mining in Russia: Data

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    FDIC sends 5 companies, including FTX.US, cease and desist letters for making false statements about deposit insurance

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    The Philippines pushes back against foreign exchanges, continuing a protectionist streak

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    Hodlnaut cuts 80% of staff, applies for Singapore judicial management

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    SEC Doubles Down on Bid Blocking Ripple From Obtaining Evidence in XRP Lawsuit

    SEC Doubles Down on Bid Blocking Ripple From Obtaining Evidence in XRP Lawsuit

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Bitcoin Correlation With S&P 500 Hits ATH

February 23, 2022
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Bitcoin Correlation With S&P 500 Hits ATH
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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 there is a positive correlation between the stock market and the price of the crypto at the moment. “Positive” here means that BTC moves in the same direction as S&P 500.

On the other hand, correlation values less than zero imply that BTC reacts to S&P 500’s price changes by moving in the opposite direction.

Related Reading | Bitcoin Plunges Below $40 As Russia Has Reportedly Given Its Forces Order To Attack Ukraine

Values of the indicator exactly equal to zero naturally mean that there is no correlation between the two assets. Now, here is a chart that shows the trend in the S&P 500 and Bitcoin correlation since the year 2013:

Bitcoin S&P 500 Correlation

The indicator's value over the history of the crypto | Source: CryptoQuant

As you can see in the above graph, the correlation between Bitcoin and S&P 500 swung between positive and negative while remaining low for the most part of BTC’s history.

Related Reading | Why Bitcoin Won’t Crack Over Fresh Bear Assault, Next Potential Target For BTC

However, since late 2019-early 2020, the two assets have become strongly, positively correlated. During 2020, the metric had a crash due to the COVID sell off, but the indicator sharply rose during the 2nd half of 2021 and 2022 so far.

The correlation between the Bitcoin and the stock market has now set a new all-time high (ATH) of +0.5468 this month.

Such high correlation between the assets has further put a dent on the narrative of “digital gold” as the crypto is no longer the safe haven it once was.

BTC Price

At the time of writing, Bitcoin’s price floats around $39k, down 12% in the last seven days. Over the past month, the crypto has gained 10% in value.

The below chart shows the trend in the price of BTC over the last five days.

Bitcoin Price Chart

BTC's price seems to made some recovery over the last couple of days | Source: BTCUSD on TradingView

A few days back, the price of Bitcoin plunged down, touching as low as $36.4k. Since then, the value of the coin has shown some recovery, breaking above the $39k level again today. At the moment, it’s unclear whether this fresh uptrend will last.

Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant.com

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