RATE Group | Bitcoin’s Correlation with S&P 500 at 9-Year High
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Bitcoin’s Correlation with S&P 500 at 9-Year High

28 Apr Bitcoin’s Correlation with S&P 500 at 9-Year High

Posted at 03:38h in Bitcoin News by

Crypto analyst Mati Greenspan won the title of “father of the year” from the two hosts of Virtual Blockchain Week as he tended to his child while delivering a presentation to the virtual conference’s attendees. Greenspan explained that Bitcoin and legacy assets were more closely correlated than you might think in the wake of COVID-19.

Resplendent in a sharp bowtie, the founder of Quantum Economics displayed the following graph “that shows what’s happening in crypto.” The following chart represents Bitcoin’s correlation with the S&P 500 on a range of 1 (perfect correlation) to -1 (inverse correlation). For crypto enthusiasts hoping for a positive outlook on Bitcoin (BTC), Greenspan admitted “most of you are not going to like what I have to say.”

BTC correlation with SP500. Screenshot from Virtual Blockchain Week

According to the data Greenspan compiled from Coinmetrics, BTC and the S&P 500 currently have a correlation of roughly 0.6. This is the highest correlation…

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