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Bitcoin’s correlation with stocks grows as risk appetite drops
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economictimes.indiatimes.comU.S. employment data. Bitcoin followed suit, posting nearly the exact same moves. The world’s largest digital currency dropped as much as 3.4% during the session to trade around $54,960, which is roughly 20% off its recent record highs. U.S. stocks also fell, with the S&P 500 Index losing 1.1% as of 1:10 p.m. in New York. It’s not unusual to see Bitcoin and the stock market trade in tandem in recent weeks. In fact, the 100-day correlation coefficient of Bitcoin and the S&P 500 stands at 0.33, among the highest such readings this year. Bitcoin has long been championed by advocates as an asset uncorrelated from traditional financial markets.
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