Citigroup Has Said Correlation Between Bitcoin and the S&P 500 is Changing

Bitcoin is considered by most analysts and traders as a risky asset. It correlates with the US stock market. The dependence of BTC on the S&P 500 and Nasdaq business indicators increases periodically.

However, Citigroup has said in a report that due to the collapse of FTX and the exit of capital from cryptocurrency exchanges, the correlation between Bitcoin and the S&P 500 has sharply weakened.

Last week, the US stock index S&P 500 strengthened by 6%, whereas BTC lost about 20% in the same time.

The shares of tech companies were almost not affected due to the crisis around the crypto company FTX. The researchers have emphasized that the US stock market, on the contrary, showed impressive growth.

According to them, digital currencies are much more dependent on the technology sector.