Crypto News

The correlation of bitcoin with S&P 500 rising and gold is falling

According to the stock exchange Kraken, bitcoin’s correlation with the index of shares wall street S&P 500 has risen every month, the “digital gold” is no longer lay claim to being the safe-haven asset.

The report notes that the 30-day correlation of bitcoin with S&P 500 for June rose to a record high of 65.8 per cent, demonstrating the rapid recovery in a bear market in its history. In parallel a similar indicator of the correlation of VTS with gold reached its annual low of 0.49.

Sluggish activity at spot cryptomeria and falling trading volume by 31% in the past month have led to the lowest volatility asset with the beginning of the year.

With the recovery of the global stock market bitcoin is becoming more like traditional financial asset, confidently demonstrating dependence on global trends and traditional markets, the report says. Yet it is difficult to say to what extent the value of bitcoin is correlated with the SP500, but the correlation becomes stronger especially at the moment of falling markets.

According to analysts, the 30-day volatility index for the S&P 500 (VIX) should be PTS traditional prognostic marker.

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