RATE Group | Bitcoin Tailed US Stock Market’s Declines on Tuesday: Greenspan |
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Bitcoin Tailed US Stock Market’s Declines on Tuesday: Greenspan |

29 Sep Bitcoin Tailed US Stock Market’s Declines on Tuesday: Greenspan |

Posted at 01:35h in Bitcoin News by

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Bitcoin coincidentally formed a positive correlation with the US stock market on Tuesday, observed Mati Greenspan of eToro.

The senior market analyst noted that the benchmark cryptocurrency plunged by more than $1,500 right after the S&P 500 index made a similar move. He recognized the zero correlation between the two extremely polarized markets but added that them moving in tandem was an extraordinary coincidence. Excerpts from his tweet published today:

“Plunge in the US stock market (orange line) proceeded the bitcoin breakout (blue). I know it’s an uncorrelated asset but this is a really strange coincidence.”

s&p 500 index, bitcoin

The S&P 500-Bitcoin correlation | Image Credits: Mati Greenspan

The price moves appeared two weeks after Thomas Lee, co-founder, managing director and head of research at Fundstrat Global Advisors, discussed the possibility of bitcoin moving in tandem with the global equity markets. He told CNBC that bitcoin’s uptrend stalled right after the S&P 500’s growth stopped…

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