30-Day Correlation Of Bitcoin With S&P 500 Hits New Record Levels

Bitcoin Uncharted has been observing the trading trends discreetly for a very long period of time and shared the reports from time to time. Bitcoin Uncharted is a crypto market intelligence that is being delivered via unique charts to spread awareness regarding crypto trading.

In the recent report of Bitcoin Uncharted, the team reported that the correlation of Bitcoin with S&P500 surges again, which is significant because it reaches the level reported in March and last quarter of 2020. No doubt, it a notable thing that the correlation of Bitcoin (BTC) with bonds, gold, the dollar index (DYX) and a few hard commodities has been decreasing significantly. Although the S&P500 stock market index records the stock performance of five hundred companies, its correlation with Bitcoin (BTC) is seeking more attention than other financial assets.

Influence of Worldwide Macro Events on Bitcoin (BTC)

Keeping in view the current trajectory of Bitcoin (BTC) value trends with respect to the crypto market, it is predicted that the current price might get influenced by the agitation of Macro events taking place around the world. But, traders right now are interested in trading in Bitcoin (BTC) as to investors Bitcoin (BTC) is one of the most reliable financial assets which can not only maximize the profits but also is a reliable hedge as an adjacent to the inflation and due to its technology it could be proved as a valuable and reliable financial asset.

Different central banks and governments across the world are trying their level best to cushion and adopt security measures to manage the financial or economic status in order to get less affected by the COVID-19 situation, and COVID-19 has disturbed not on societal status but also the economic status of the world. In such conditions, people prefer Bitcoin (BTC) and other cryptocurrencies over gold as an asset and as a hedge adjacent to the ongoing inflation.

Bitcoin (BTC) Value Again Spikes to $55k

Although in the past few days, the decline of global equities affected the value of Bitcoin (BTC) negatively, catharsis resulted in contented results as investors regained stabilized portfolios within the starting quarter of the current year 2021.

Right now, as this article is being written up, the ongoing trading value of Bitcoin (BTC) is $55,732, and the value is going up with a change rate of 3.82% during the past 24 hours, and it is expected that soon it may cross the digit of $60k by the end of this month.

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