In August, Bitcoin's dependence on the US stock market sharply weakened. The correlation between BTC and business activity indicators was at an annual low, according to a report by Arcane Research.
Last week, the dependence of cryptocurrency on the stocks of the technology sector began to increase again.
According to TradingView, the correlation between Bitcoin and the S&P 500 reached 0.59 quarterly. Analysts remind that the dependence of the cryptosphere on the stock market becomes strong after the correlation index exceeds 0.5.
When the indicator is increased to 0.7, the dependence becomes ideal. In early September, this figure was 0.44. In August, the correlation between Bitcoin and Nasdaq was 0.31, and in September it rose to 0.62, experts say.
The S&P 500 stock index reflects the performance of Apple (AAPL), Microsoft (MSFT), and Amazon (AMZN) IT companies. The largest digital currency on the night of Monday, September 12, rose to $21,650 (+1.54%).
Bitcoin bulls predict that the largest digital currency will be able to perform well together with Ethereum (ETH) after the Merge update.