{"id":566229,"date":"2021-03-27T13:05:59","date_gmt":"2021-03-27T10:05:59","guid":{"rendered":"https:\/\/en.ethereumworldnews.com\/?p=566229"},"modified":"2021-03-27T13:05:59","modified_gmt":"2021-03-27T10:05:59","slug":"bitcoins-30-day-correlation-with-the-sp500-reaches-march-2020-levels","status":"publish","type":"post","link":"https:\/\/en.ethereumworldnews.com\/bitcoins-30-day-correlation-with-the-sp500-reaches-march-2020-levels\/","title":{"rendered":"Bitcoin&#8217;s 30-Day Correlation with the S&amp;P500 Reaches March 2020 Levels"},"content":{"rendered":"<p><strong>In brief:<\/strong><\/p>\n<ul>\n<li><strong>Bitcoin&#8217;s 30-day rolling correlation with the S&amp;P 500 has increased to levels last seen in March and October of 2020<\/strong><\/li>\n<li><strong>Bitcoin&#8217;s correlations with gold, bonds and the dollar index (DXY) have decreased<\/strong><\/li>\n<li><strong>Bitcoin price is currently more influenced by the global macro events<\/strong><\/li>\n<li><strong>BTC is currently challenging gold as an ideal hedge against inflation<\/strong><\/li>\n<\/ul>\n<p>Bitcoin&#8217;s <a href=\"https:\/\/en.ethereumworldnews.com\/report-bitcoins-btc-correlation-to-the-sp-500-at-a-2-year-high\/\" target=\"_blank\" rel=\"noopener\" data-schema-attribute=\"\">correlation with the S&amp;P 500<\/a> has once again increased. This is according to <a href=\"https:\/\/bitcoinuncharted.substack.com\/p\/uncharted6\" target=\"_blank\" rel=\"nofollow noopener\" data-schema-attribute=\"\">a recent report<\/a> by the team at Bitcoin Uncharted which pointed out that BTC&#8217;s 30-day rolling correlation with the S&amp;P 500 has increased to levels last seen in March and October of 2020. At the same time, Bitcoin&#8217;s correlations with gold, bonds and the dollar index (DXY) have decreased significantly.<\/p>\n<p>The report went on to share the following two charts demonstrating the information above.<\/p>\n<h2><a href=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/03\/BTC-correlation-SP500-March-27th.png\"><img class=\"aligncenter size-full wp-image-566231\" src=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/03\/BTC-correlation-SP500-March-27th.png\" alt=\"\" width=\"882\" height=\"566\" srcset=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/03\/BTC-correlation-SP500-March-27th.png 882w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/03\/BTC-correlation-SP500-March-27th-300x193.png 300w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/03\/BTC-correlation-SP500-March-27th-770x494.png 770w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/03\/BTC-correlation-SP500-March-27th-500x321.png 500w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/03\/BTC-correlation-SP500-March-27th-240x154.png 240w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/03\/BTC-correlation-SP500-March-27th-717x460.png 717w\" sizes=\"(max-width: 882px) 100vw, 882px\" title=\"\"><\/a><a href=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/03\/BTC-Correlation-with-Gold-DXY-Mar-27th.png\"><img class=\"aligncenter size-full wp-image-566230\" src=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/03\/BTC-Correlation-with-Gold-DXY-Mar-27th.png\" alt=\"\" width=\"882\" height=\"569\" srcset=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/03\/BTC-Correlation-with-Gold-DXY-Mar-27th.png 882w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/03\/BTC-Correlation-with-Gold-DXY-Mar-27th-300x194.png 300w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/03\/BTC-Correlation-with-Gold-DXY-Mar-27th-770x497.png 770w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/03\/BTC-Correlation-with-Gold-DXY-Mar-27th-500x323.png 500w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/03\/BTC-Correlation-with-Gold-DXY-Mar-27th-240x155.png 240w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/03\/BTC-Correlation-with-Gold-DXY-Mar-27th-717x463.png 717w\" sizes=\"(max-width: 882px) 100vw, 882px\" title=\"\"><\/a>Current Global Macro Events Continue to Influence Bitcoin<\/h2>\n<p>With respect to Bitcoin&#8217;s current price action, the report concluded that BTC&#8217;s current trajectory can only be affected by the dynamics of the global macro environment. Right now, investors are viewing Bitcoin <a href=\"https:\/\/en.ethereumworldnews.com\/legendary-macro-investor-paul-tudor-jones-buys-bitcoin-btc\/\" target=\"_blank\" rel=\"noopener\" data-schema-attribute=\"\">as a hedge against inflation<\/a> and as a valuable asset based on its technology.<\/p>\n<p>As global governments and central banks continue to <a href=\"https:\/\/en.ethereumworldnews.com\/bitcoin-btc-could-rally-as-a-second-3-trillion-stimulus-is-proposed\/\" target=\"_blank\" rel=\"noopener\" data-schema-attribute=\"\">cushion their respective economies<\/a> from the effects of COVID19 through money printing, Bitcoin is <a href=\"https:\/\/en.ethereumworldnews.com\/bitcoin-replacing-gold-is-happening-bloomberg-report\/\" target=\"_blank\" rel=\"noopener\" data-schema-attribute=\"\">being preferred over gold<\/a> as a store of value and hedge against the ongoing inflation.<\/p>\n<h2>Bitcoin Battles to Reclaim $55k<\/h2>\n<p>However, in the last few days, the recent downturn in global equities has negatively affected Bitcoin as institutional investors rebalance their portfolios after the first quarter of 2021.<\/p>\n<p>At the time of writing, Bitcoin is trading at $54,900 in what looks like consolidation in a bid to reclaim the $55k price area as support.<\/p>\n<p>To note is that the weekly close is tomorrow and <a href=\"https:\/\/en.ethereumworldnews.com\/category\/news\/latest-bitcoin-btc-news\/\" target=\"_blank\" rel=\"noopener\" data-schema-attribute=\"\">Bitcoin<\/a> could retest $52k or lower before comfortably returning to the comfortable levels above $55k next week. Therefore, caution is advised when longing Bitcoin over the weekend while using high leverage on the various derivatives platform.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In brief: Bitcoin&#8217;s 30-day rolling correlation with the S&amp;P 500 has increased to levels last seen in March and October of 2020 Bitcoin&#8217;s correlations with gold, bonds and the dollar index (DXY) have decreased Bitcoin price is currently more influenced by the global macro events BTC is currently challenging gold as an ideal hedge against inflation Bitcoin&#8217;s correlation with the S&amp;P 500 has once again increased. This is according to a recent report by the team at Bitcoin Uncharted which [&hellip;]<\/p>\n","protected":false},"author":22,"featured_media":61004,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[800],"tags":[1233,6961,108098],"_links":{"self":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/566229"}],"collection":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/users\/22"}],"replies":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/comments?post=566229"}],"version-history":[{"count":0,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/566229\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media\/61004"}],"wp:attachment":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media?parent=566229"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/categories?post=566229"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/tags?post=566229"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}