Bloomberg: The Correlation Between Bitcoin and the S&P 500 Has Increased

The dependence of Bitcoin on the US stock market decreased in late August. However, the trend has changed this month. According to Bloomberg analysts, there is an increased correlation between BTC and the S&P 500 index.

The correlation coefficient has risen to 0.72 points, but it is still well below the record values ​​recorded in May after the collapse of the Terra ecosystem.

The crypto market has been retreating over the past few weeks. For example, yesterday Bitcoin fell below $19,000, whereas ether and Binance Coin fell to $1,277 and $266, respectively.

John Porter from Newton Investment Management believes a further decline in the value of Bitcoin is inevitable.