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The correlation between bitcoin and a US tech stock indicator has hit a two-year high, suggesting that the stock market's reaction to US inflation data due later on Wednesday could set the tone for digital tokens. Data compiled by Bloomberg shows a 30-day correlation coefficient between the largest cryptocurrency and the Nasdaq 100 index of about 0.70. A correlation coefficient of 1 indicates that the asset is moving in the same direction, and a negative 1 indicates that the asset is moving in t...
Recently, US bond yields have risen with gold, and the traditional negative correlation seems to be decoupled again. How can we explain the recent strength of gold?
According to correlation research, the correlation between digital assets and the U.S. stock market has reached an almost all-time high, indicating that the macroeconomic variables driving the stock market are also affecting the cryptocurrency market. Data compiled by Bloomberg shows that the index measuring the 100 largest digital assets has a 40-day correlation coefficient of about 0.67 with the S & P 500 Index, a level that is only the first in 2022.
The 30-day correlation between bitcoin and the MSCI Global Equity Index has approached -0.20, and has been largely positive since 2020. A coefficient of 1 indicates synchronized asset movements, while a negative 1 indicates an inverse relationship between the two. Bitcoin has recently shown a clear divergence from global equities, with the MSCI Global Equity Index up 12% year-to-date.
The correlation between bitcoin and gold has shown a volatile trend over the past three years, with the 30- and 90-day correlation indicators showing intermittent peaks and troughs, indicating a difference in the degree of correlation between bitcoin and gold prices. However, over the past 30 days, the correlation between bitcoin and gold has become weaker and weaker, similar to the recently observed trend between bitcoin and the S & P 500 Index.
The correlation between Bitcoin (BTC) and the S & P 500 (SPX) has dropped to 0.05, indicating a market divergence. Over the past five years, the two have been highly positively correlated during the epidemic and between the end of 2021 and 2022. In early 2024, both rose significantly. However, while SPX continues to set new highs, BTC hovers around $60,000 and occasionally falls below this level. Since 2019, BTC and SPX have been negatively correlated four times, each time indicating a local low...
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