Bitcoin’s tight correlation with US equities highlights market anticipation of CPI data release

Bitcoin’s tight correlation with US equities highlights market anticipation of CPI data release
фото показано с : cryptoslate.com

2024-5-15 17:25

Quick Take

Bitcoin remains the primary indicator of global liquidity, with its price movements often preceding those of other risk-on assets. This dynamic was evident in the recent market cycle, as Bitcoin hit an all-time high on March 13, coinciding with the biggest ETF inflow since launch on March 12, over $1 billion, and the bottoming of the US Dollar Index (DXY), which typically has an inverse correlation with risk-on assets.

Since then, the DXY has strengthened from 102 to 105, exerting downward pressure on Bitcoin, dropping roughly 20%. Subsequently, the most liquid risk-on assets, such as the Nasdaq and S&P 500, peaked after Bitcoin, followed by gold. This sequence reinforces Bitcoin’s role as a leading liquidity barometer.

May 2023 – May 2024: BTCUSD, DXY, SPX, Nasdaq, Gold: (Source: TradingView)

Bitcoin’s current correlation with US equities, represented by the S&P 500 and Nasdaq, currently stands at around 0.7 over the past 30-day moving average, indicating a strong tie to risk-on assets. Conversely, its correlation with gold has dropped to one of the lowest levels this year at -0.33.

With the upcoming release of US CPI inflation data on May 15, a hot inflation print could potentially dampen Bitcoin’s price, as it might delay or eliminate the possibility of interest rate cuts in 2024.

BTC Pearson Correlation: (Source: The Block)

The post Bitcoin’s tight correlation with US equities highlights market anticipation of CPI data release appeared first on CryptoSlate.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 68742.73 (+0.56%)
Объем 24H $31.243b
Изменеия 24h: 0.03 %, 7d: -2.19 %
Cегодня L: $68289.6 - H: $68742.73
Капитализация $1354.559b Rank 1
Цена в час новости $ 61577.45 (11.64%)

bitcoin market cpi march data release anticipation

Источник: cryptoslate.com

bitcoin market → Результатов: 126


Bitcoin’s 2024 cohort sees over 10% profit, indicating a strong market support level

Quick Take Analyzing average prices at which Bitcoin was withdrawn from major digital asset exchanges using Glassnode data offers valuable insights into the market’s cost basis. According to Glassnode data, the analysis indicates that Coinbase and Binance exhibited parallel movement from the start of 2021 to the conclusion of 2023, maintaining average withdrawal prices around […] The post Bitcoin’s 2024 cohort sees over 10% profit, indicating a strong market support level appeared first on CryptoSlate.

2024-4-30 11:32


Upward trends predicted for Polkadot & this Shiba Inu killer as $2T market cap boosts Bitcoin toward $69K target

Bitcoin, the pioneer of cryptocurrencies, continues its impressive rally as it edges closer to the $69,000 mark, driven by a surge in market capitalization that surpasses $2 trillion. This monumental achievement reflects the growing confidence and adoption of digital assets, propelling Bitcoin to new all-time highs.

2024-2-21 23:01


Crypto Carnage Continues as Bitcoin Plunges Under $40,000, But These Indicators Look Promising

Bitcoin briefly traded below $40,000 on Monday for the first time since early December, extending a selloff that has shaved 35% off the cryptocurrency’s value so far this year. According to market intelligence firm Santiment, discussion around Bitcoin and Ethereum has dropped 35% and 21% respectively compared to last week’s ETF approval frenzy.

2024-1-23 01:15


дальше еще 77 новостей →

Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru

Еженедельный крипто-экшен: взломы и аресты!

На этой неделе произошли несколько захватывающих моментов в сфере криптовалют и взломов. Такие известия заставляют держаться за свои кошельки покрепче! Lazarus Group и их $147,5 миллионов через Tornado Cash Северокорейская хакерская группировка Lazarus снова в центре внимания.

Busted! North Korea Caught Laundering Millions Via Shady Crypto Mixer

Once more, North Korea has demonstrated its cyber prowess, possibly undermining international sanctions by using cryptocurrencies. According to a recent assessment by UN sanctions monitors, North Korea is suspected of using the Tornado Cash platform to launder a whopping $148 million that was taken from a cryptocurrency exchange in March. This event highlights how difficult […]