Crypto Blog
Bitcoin’s correlation with the U.S. equities market has been rising for more than a month, as seen in the collective plunge and rally across different asset classes during the Japanese yen crisis earlier this month and the Federal Reserve’s statements at the Jackson Hole symposium last week., the Pearson Correlation metric, which measures the relative correlation of bitcoin with the S&P 500 and the NASDAQ, shows an increase in the 30-day correlation between the assets.
The S&P 500 index moved to 5461, 0.7% shy from its all-time high and significantly recovering from the 8% decline during the yen crisis. Notable rallies were also recorded across other assets, including gold.of 6%, its second-highest daily move since May 20. Analysts said the price jump signaled the return of risk appetite to the markets.Regardless of bitcoin’s rally, it has remained weaker than equities.
Meanwhile, analysts said bitcoin is trading within the trajectory of past bull cycles. The market is exhibiting a risk-on sentiment, encouraged by the current absence of supply overhang and the imminence of rate cuts.
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bitcoin’s Correlation With TradFi Markets is Increasing, What Does This Mean?Crypto Blog
Read more »
Zijin Mining sees increasing threats to M&A ambitionsNo 1 source of global mining news and opinion
Read more »
Bitcoin Demand Still Weak, But Stablecoin Liquidity is Increasing: CryptoQuantCrypto Blog
Read more »
Bitcoin (BTC) Celebrates New Five-Month High: ReportBitcoin sees massive surge in utility, new bull run might be on horizon
Read more »
Bitcoin Price Predicted to Reach $350,000 by VanEck CEOVanEck CEO Jan van Eck sees Bitcoin reaching $350,000
Read more »
Bitcoin (BTC) to Hit $115-$120K: Economist Henrik ZebergEconomist Henrik Zeberg has adjusted his earlier Bitcoin price forecast, increasing his bet
Read more »