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Breaking News: Bitcoin Reaches Forecasted All-Time High: Prophecy Predicts Bear Market Low In 364 Days
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Breaking News: Bitcoin Reaches Forecasted All-Time High: Prophecy Predicts Bear Market Low In 364 Days

False Safe Haven: Bitcoin Correlation With S&P 500 Hits ATH

Keshav Verma
Keshav Verma
1 year ago
3 mins read

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Data shows the Bitcoin correlation with S&P 500, and hence the stock market, has now set a new all-time high (ATH).

Bitcoin Correlation With S&P 500 Reaches New High

As pointed out by an analyst in a CryptoQuant post, the BTC correlation with the stock market is currently at an all-time high, further damaging the “safe haven” narrative.

The “Bitcoin correlation with S&P 500” is an indicator that measures how strongly the price of BTC reacts to volatility in S&P 500, as well as the direction of the response.

When the indicator has values greater than zero, it means there is a positive correlation between the stock market and the price of the crypto at the moment. “Positive” here means that BTC moves in the same direction as S&P 500.

On the other hand, correlation values less than zero imply that BTC reacts to S&P 500’s price changes by moving in the opposite direction.

Related Reading | Bitcoin Plunges Below $40 As Russia Has Reportedly Given Its Forces Order To Attack Ukraine

Values of the indicator exactly equal to zero naturally mean that there is no correlation between the two assets. Now, here is a chart that shows the trend in the S&P 500 and Bitcoin correlation since the year 2013:

Bitcoin S&P 500 Correlation

The indicator's value over the history of the crypto | Source: CryptoQuant

As you can see in the above graph, the correlation between Bitcoin and S&P 500 swung between positive and negative while remaining low for the most part of BTC’s history.

Related Reading | Why Bitcoin Won’t Crack Over Fresh Bear Assault, Next Potential Target For BTC

However, since late 2019-early 2020, the two assets have become strongly, positively correlated. During 2020, the metric had a crash due to the COVID sell off, but the indicator sharply rose during the 2nd half of 2021 and 2022 so far.

The correlation between the Bitcoin and the stock market has now set a new all-time high (ATH) of +0.5468 this month.

Such high correlation between the assets has further put a dent on the narrative of “digital gold” as the crypto is no longer the safe haven it once was.

BTC Price

At the time of writing, Bitcoin’s price floats around $39k, down 12% in the last seven days. Over the past month, the crypto has gained 10% in value.

The below chart shows the trend in the price of BTC over the last five days.

Bitcoin Price Chart

BTC's price seems to made some recovery over the last couple of days | Source: BTCUSD on TradingView

A few days back, the price of Bitcoin plunged down, touching as low as $36.4k. Since then, the value of the coin has shown some recovery, breaking above the $39k level again today. At the moment, it’s unclear whether this fresh uptrend will last.

Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant.com
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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