bitcoin (BTC) With the biggest daily price increase in six months, it reached the level of $ 21,000, while its correlation with US companies saw the highest level in recent times.
We are passing through a period when it is not enough to just keep the pulse of cryptocurrencies in order to invest in cryptocurrencies. Considering the consistency of investments and long-term earnings potential, it is necessary to evaluate many macroeconomic parameters. This macroeconomic data the most important parameters among the USA’s largest technology exchange Nasdaq and encompasses the top 500 companies in the USA. S&P 500 with the index correlation is the status. Although this correlation was not very effective in the early periods of Bitcoin’s history, the link in question has increased significantly with the increase in the market volume of cryptocurrencies and the involvement of large investors in the game.
When we look at the data provided by The Block, we see that it has been weakening for a while. Bitcoin, S&P500, Nasdaq It is seen that the correlation of The correlation value contains a mathematical formula that takes into account the price movements of the index and crypto over time. 0.5a correlation above moderately strong and 0.7a correlation above very strong while being considered, 0.3 to -0.3 correlations between is weak.
When analyzed as of September 9, the said correlation value 0.7 points in 30-day average level has been reached. The correlation between these parameters during the sales wave of risk assets that started as of May 0.9 levels had been reached. This showed that the direct link between US technology and leading company stocks and Bitcoin was very strong. But the value gradually decreased over the summer and 28 Augustin 0.48fell to.
Critical correlation, which attracted attention with a rapid return in the last 10-day period after the connection and correlation balance dropped so much. rose to 0.7 points which is the data pointing to a strong correlation. apple (AAPL), Microsoft (MSFT) and Amazon(AMZN), the S&P 500 correlation turned positive this week after falling for three consecutive weeks. It is not known if this positive intersection has an effect, but Bitcoin biggest daily price increase in six months which is about 10%After a rise of $21,000 reached levels.
Although both US-based stocks and cryptocurrencies try to find direction in the light of global financial and political relations in line with this correlation, it seems difficult to predict when the macroeconomic crisis will stop. Recently Fed chairman Powell in the next 2 meetings in a row interest rate hike He mentioned that there are possibilities, and the Russia-Ukraine war, another fragile factor, has not yet calmed down or reached a compromise.