Though Bitcoin's correlation with gold has diminished, the asset's correlation with the S&P 500 stock market index is on the rise, researchers from Kraken exchange found.
Kraken Intelligence, a research arm of major United States cryptocurrency exchange, Kraken, released a "Bitcoin Volatility Report" for June 2020.Bitcoin's volatility hits a 6-month low.
Published on July 9, the new report outlines a 31% drop in Bitcoin trading that resulted in a six-month low of Bitcoin's annualized volatility, which accounted for 51% in June.
BTC correlation with gold drops 0.73 from average indicators in June.
Bitcoin's 30-day rolling correlation with gold plunged below its one-year average of 0.24 to hit a four-month low of -0.49, the researchers found.
The correlation move followed a modestly positive trend in the second half of May that ended above a one-year average of 0.50, Kraken Intelligence noted.
Bitcoin's 30-day rolling correlation with gold.
While Bitcoin is becoming less correlated with gold, the cryptocurrency's correlation with stock market indexes like S&P 500 is growing.
According to Kraken Intelligence, the reversal trend caused Bitcoin's correlation with S&P 500 to climb to as high as 0.65 in late June.
Earlier in June, stock-to-flow analyst PlanB claimed that a heavy correlation between Bitcoin and S&P 500 should have sent Bitcoin's price to $18,000.
Bitcoin's Correlation With Gold Is Weakening, Says New Kraken Report
Publicado en Jul 10, 2020
by Cointele | Publicado en Coinage
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