Data shows the Correlation between Bitcoin and S&P 500 has declined to zero recently, a sign that BTC is no longer attached to the stock market.
Bitcoin Correlation To S&P 500 Has Witnessed A Plunge Recently
In a new post on X, the market intelligence platform IntoTheBlock has discussed about the trend in the Correlation between Bitcoin and S&P 500. The “Correlation” here refers to an indicator that keeps track of how tied together the prices of any two given assets are.
When the value of this metric is positive, it means the price of one of the assets is reacting to movements in the other by traveling in the same direction. The closer is the indicator to 1, the stronger is this relationship.
On the other hand, the metric being under the zero mark implies that while there is also some correlation present between the assets in this case, it’s a negative one. This suggests that the charts are moving in the opposite direction to each other. For this zone, th
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