Throughout 2020, the price of bitcoin has varied in view of the conditions on the us stock market. Correlation between BTC price and the S&P 500 index is still high, this was stated by analyst Charles Edwards.
On Twitter he has submitted a schedule of changes in the value of cryptocurrencies and the indicator moves in the S&P 500. It can be seen that the interdependence of assets is really very high.
The continued correlation also drew the attention of the analyst under the name PlanB, stressing that bitcoin reacts to every move of the Federal reserve system. That is, cryptosphere is in the same condition as the stock market, which is now supported by American authorities.
The expert believes that bitcoin will be able to benefit from interdependence with the S&P 500 index. The fed over the past few months aggressively infuses funds into maintaining the stock market.
This policy allows you to prevent the collapse of the shares of high-tech sector. Accordingly, cryptosphere also receives capital, which allows industry to develop.
Correlation between BTC prices and the S&P 500 is not such a bad factor for the cryptocurrency market. So says the former top Manager of Goldman Sachs Raoul PAL.
He recently predicted that by the end of 2020 bitcoin will be most effective asset. In his opinion, the attractiveness of BTC in the long term will continue to improve, capital is more actively going to move it out of the bond market.