S&P 500 Tumbled Right Before Bitcoin (BTC) Price Crash; Coincidence?

S&P 500 Tumbled Right Before Bitcoin (BTC) Price Crash; Coincidence?
фото показано с : bitcoinist.com

2019-9-26 19:38

Bitcoin price has lost over 15% since Monday, though the biggest part of the decline happened yesterday. Interestingly, the US stock market crashed a few hours before the BTC drop. Is there any correlation?

S&P 500 Shows Biggest Monthly Drop

Tuesday was not a sad day for Bitcoin holders only. On September 24, just before BTC’s surprising but somewhat expected steep decline, the US stock market showed its biggest daily drop since August 23.

Yesterday, the S&P 500 index, which tracks 500 large publicly traded American firms, fell 0.84% at the close of the session. This marks the biggest drop in over a month.

Could the stock market have an impact on Bitcoin investors? Judging by the latest massive decline that took place on August 23, when the S&P 500 tumbled over 2.5%, there shouldn’t be any correlation, as Bitcoin showed little volatility during that day.

The stock market turned bearish after a disappointing consumer confidence report, which stressed fears of negative consequences of the US-China trade conflict.

Elsewhere, House Speaker Nancy Pelosi, a Democrat, was calling for the impeachment of President Donald Trump. She cited news that Trump may have looked for foreign support in defaming political rival Joe Biden. Specifically, Trump might have pressured Ukrainian President Volodymyr Zelenskiy to investigate Biden.

The mentioned triggers behind the stock market crash are unlikely to have caused the drop in Bitcoin price as well. On the contrary, any political tension is bullish for the cryptocurrency, as the latter is regarded as a safe haven asset.

We explained in an earlier post that Bitcoin had moved in a descending triangle, which is a bearish technical analysis indicator.

What Is the Correlation Between Bitcoin and S&P 500?

Last month Pantera Capital concluded that there was almost no correlation between Bitcoin and traditional assets.

According to CEO Dan Morehead, BTC and blockchain companies have their own trajectory that is independent of other asset classes. According to a table with three-year weekly returns, the correlation between Bitcoin and S&P 500 was 0.00.

Do you think the recent drop in the S&P 500 is somehow related to the later decline in Bitcoin price? Share your opinion in the comments section!

Images via Shutterstock, TradingView, Pantera Capital

The post S&P 500 Tumbled Right Before Bitcoin (BTC) Price Crash; Coincidence? appeared first on Bitcoinist.com.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 67109.28 (-0.21%)
Объем 24H $15.575b
Изменеия 24h: 0.05 %, 7d: 10.08 %
Cегодня L: $66856.94 - H: $67327.72
Капитализация $1321.989b Rank 1
Цена в час новости $ 8369.54 (701.83%)

bitcoin btc biggest 500 price drop stock

Источник: bitcoinist.com

bitcoin btc → Результатов: 126


Фото:

Bitcoin Whales Continue Buying, Now Hold 25.16% Of All Supply

On-chain data shows that the Bitcoin whales’ holdings have grown to 25. 16% of the entire supply, and their net accumulation has continued recently. Bitcoin Investors With 1,000 To 10,000 BTC Have Continued To Buy Recently According to data from the on-chain analytics firm Santiment, the BTC whales have accumulated more than 266,000 BTC since the start of the year.

2024-4-25 06:00


дальше еще 77 новостей →

Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru

Hong Kong IPO Market to Rebound This Year after Turbulent 2022

Coinspeaker Hong Kong IPO Market to Rebound This Year after Turbulent 2022 Despite the raging impact of inflation in different economies, monetary authorities have not been sitting on their oars, rather, they have been fighting the surge through consistent interest rate hikes.

Bitcoin’s Correlation With Other Risk Assets To Watch For In 2023, Report Suggests

A report suggests that Bitcoin’s correlation with other risk assets could be relevant going forward into the next year. Bitcoin Moved Tightly With US Stock Market During Last Week’s Volatility According to the latest weekly report from Arcane Research, signals from the Federal Reserve could be something to pay attention to in 2023 as well. […]

Quant Explains How This Nasdaq Support Retest Could Also Help Reverse Bitcoin

A quant has explained why the recent retest of a critical support level by Nasdaq may help Bitcoin reverse its own trend. Nasdaq-100 Has Recently Retested A Critical Support Trendline As pointed out by an analyst in a CryptoQuant post, Nasdaq-100 is currently above a support line that has historically been important.

By The Numbers: Comparing Bitcoin Volatility With Nasdaq And S&P500

Data shows Bitcoin’s monthly volatility has been lesser than both Nasdaq and S&P 500 recently, here are their numbers compared. Bitcoin 30-Day Volatility Has Plunged Down To Just 1.4% In Recent Days As per the latest weekly report from Arcane Research, the US equities having a higher 30-day volatility than BTC has only happened twice […]