According to The Block, last week the correlation between Bitcoin and the S&P500 index reached a record high.
Analyzing information from Coin Metrics services andFactSet, the company's analysts found that, despite the initially insignificant interdependence between the instruments, recently it has been gradually increasing. They argue that now the rolling 30-day correlation between the BTC rate and the S&P500 has a clear upward trend during periods of Bitcoin price collapse.
In March, shares of European and American companies sank due toimpact of coronavirus on the global economy. Over the past week, the S&P500 index fell by 7.5%, but over the same period the Bitcoin rate stopped declining and rose by almost 20%.
We also previously reported that Bitcoin will need months of consolidation to undo the technical damage already done from the collapse, according to an analyst at Fundstrat.</p>