It's Time to be Greedy: Bitcoin Trading In Opposite Direction of S&P 500, Correlation Drops 50%
The world's leading cryptocurrency is moving upwards, albeit slowly. This week started around $9,100 only to move above $9,400 on Tuesday and then next day another leg up above $9,500 and then another one above $9,600 yesterday.
Yesterday's gains came in contrast to the equities market, which is a positive thing as bitcoin has been moving in line with the S&P 500 since the March crash. Bitcoin's one-month correlation with SPX has also fallen to 38.7%, down from the all-time high of 78.8% on July 8, 2020, as per Skew.
Thank you for sharing. I will use it to win