Bitcoin price has lost over 15% since Monday, though the biggest part of the decline happened yesterday. Interestingly, the US stock market crashed a few hours before the BTC drop. Is there any correlation?
S&P 500 Shows Biggest Monthly Drop
Tuesday was not a sad day for Bitcoin holders only. On September 24, just before BTC’s surprising but somewhat expected steep decline, the US stock market showed its biggest daily drop since August 23.
Yesterday, the S&P 500 index, which tracks 500 large publicly traded American firms, fell 0.84% at the close of the session. This marks the biggest drop in over a month.
According to CEO Dan Morehead, BTC and blockchain companies have their own trajectory that is independent of other asset classes. According to a table with three-year weekly returns, the correlation between Bitcoin and S&P 500 was 0.00.
Do you think the recent drop in the S&P 500 is somehow related to the later decline in Bitcoin price? Share your opinion in the comments section!
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