According to Glassnode, the correlation between Bitcoin and the S&P 500 reached 0.80 over the last 30 trading sessions, a level rarely observed since 2020. Bitcoin traded around $76,000 on Saturday, November 7, after falling more than 5% during the tech sell-off, while spot Bitcoin ETFs recorded more than $430 million in net outflows. Taiwan and South Korea implemented measures to stabilize their equity markets, although these measures do not provide direct support for cryptocurrencies. The rising correlation questions Bitcoin’s role as a diversification tool in the short term, even though its relationship with the S&P 500 remains much weaker over the long term.
Source: Read the original article
Disclaimer: this content is for information purposes only and is not financial advice. Cryptocurrencies are highly volatile: you may lose all of your capital. Always do your own research. Legal notice
