Bitcoin: Has it lost its correlation with the stock market?

The crypto analyst Mati Greenspan confirms that the correlation between Bitcoin (BTC) and the important American share index S&P 500 has now decreased significantly after it increased during the Corona crisis. In a newsletter on August 5, Greenspan wrote that the market-leading cryptocurrency “can break free from the stock markets again”. He points out that even during the Corona crisis, i.e. from March to May, there was only a “loose correlation”.

“We can clearly see that the correlation this year has shot up to 0.6 in the meantime, which resulted from the sale of financial products during the crisis,” as Greenspan classifies the results. And further: “In the meantime, however, we are again below 0.2, which means that there is no longer any correlation with regard to the daily price development.”

On the upswing
In an interview on August 2nd, the crypto analyst last said that “the upward trend is back”. In fact, the market-leading cryptocurrency is currently on the up again, with the Bitcoin price currently standing at $ 11,800, which corresponds to an increase of 4.89% in the last 24 hours. This upswing could be partly due to the fact that the American government wants to announce a new Corona aid package on August 7th. While the Democratic Party provides aid of 3.4 trillion. US dollar demands, the Republicans want only 1 trillion. Provide US dollars.