Bitcoin Tailed US Stock Market’s Declines on Tuesday: Greenspan

As News BTC reports, “Bitcoin coincidentally formed a positive correlation with the US stock market on Tuesday, observed Mati Greenspan of eToro.

“The senior market analyst noted that the benchmark cryptocurrency plunged by more than $1,500 right after the S&P 500 index made a similar move. He recognized the zero correlation between the two extremely polarized markets but added that them moving in tandem was an extraordinary coincidence. Excerpts from his tweet published today:

“’Plunge in the US stock market (orange line) proceeded the bitcoin breakout (blue). I know it’s an uncorrelated asset but this is a really strange coincidence.’

“The price moves appeared two weeks after Thomas Lee, co-founder, managing director and head of research at Fundstrat Global Advisors, discussed the possibility of bitcoin moving in tandem with the global equity markets. He told CNBC that bitcoin’s uptrend stalled right after the S&P 500’s growth stopped near its all-time high. Noting that the US benchmark could break out any time soon, Lee added that bitcoin could mirror the same move.”

Continue to view the full report at News BTC.

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