Bitcoin’s 30-Day Correlation to Tech Stocks Reaches July 2020 Highs - BitcoinEthereumNews.com
Bitcoins 30-day correlation with tech stocks has climbed to its highest point since Jul 2020, and its correlation to the S&P 500 is also at high levels. This may pose a problem for the crypto market, which is often talked about as a hedge. Bitcoin‘s 30-day correlation with big tech stocks has climbed to Jul 2020 levels, with its correction to gold plunging to all-time lows. Arcane Research published a blog post discussing the development, which also occurs at a time when bitcoin’s correlation with the S&P 500 is also at some of its highest levels. Arcane Research has के बारे में बात की थी these developments before, tentatively suggesting that they may pose some risk to the crypto market. Crypto assets have long been seen as something separate from other financial markets, an island that offers some safety as a hedge. However, that narrative appears to be changing as the larger financial world dives deeper into crypto. Bitcoins growing adoption may lead to weakening correlation It‘s hard to say if the correlation will change significantly going forward, but it’s clear that as bitcoins adoption grows, its ability to remain detached from the rest of the world weakens. The increase in correlation comes at a