Cryptocurrency
Bitcoin’s correlation to equities returns after fading in May
As reported at The Block, “Bitcoin’s relationship to the S&P 500 has returned to March levels of correlation after a period of essentially zero correlation throughout May. “As measured by the Pearson correlation between hourly returns of SPX500USD (S&P 500 futures) and BTC/USD on Coinbase, the current correlation stands at 0.31 — a figure that […]
By Chris Sykora · June 29, 2020
As reported at The Block, “Bitcoin’s relationship to the S&P 500 has returned to March levels of correlation after a period of essentially zero correlation throughout May.
“As measured by the Pearson correlation between hourly returns of SPX500USD (S&P 500 futures) and BTC/USD on Coinbase, the current correlation stands at 0.31 — a figure that is low but statistically significant. During May, correlation reached 0 meaning that there was no correlation. That’s quite a contrast from January when Bitcoin manifested low but statistically significant negative correlation…”