Summary
- The correlation between Bitcoin and the S&P 500 index has recorded 0, indicating no correlation between the two assets.
- Previous instances when the correlation between Bitcoin and the S&P 500 index hit 0 were followed by significant Bitcoin price surges.
- Investors are closely watching Bitcoin's future price movements following this correlation change.
The correlation between Bitcoin (BTC) and the S&P 500 index has recorded 0. Correlation values range from -1 to 1, where values closer to 1 indicate a strong positive correlation, and values closer to -1 indicate a strong negative correlation.
According to cryptocurrency media AMB Crypto on the 18th (local time), the correlation between Bitcoin and the S&P 500 index recorded 0 on this day. A correlation of 0 means there is no correlation between the two indicators, indicating that Bitcoin is not being influenced by the U.S. stock market.
Bitcoin and the S&P 500 index showed a perfect positive correlation in January. However, entering February, their correlation rapidly decreased, reaching 0 on this day.
AMB Crypto noted, "The last time Bitcoin and the S&P 500 index correlation recorded 0 was on November 5, 2024, after which Bitcoin surged past $100,000. It will be interesting to see if this pattern repeats itself this time."
Uk Jin
wook9629@bloomingbit.ioH3LLO, World! I am Uk Jin.
