Bloomberg recorded a growth in correlation between BTC and the S&P 500

by in Cryptocurrency News

Bitcoin

At the end of August, the dependence of bitcoin on the US stock market decreased. However, already in September, the trend changed, and Bloomberg analysts drew attention to the increased correlation between BTC and the S&P 500 index.

The correlation coefficient rose to 0.72 points, but it is still well below the record values ​​recorded in May after the collapse of the Terra project.

The crypto market has been retreating over the past few weeks. On Thursday, September 22, the BTC rate fell to $18,931. In weekly terms, the capitalization of the largest digital currency decreased to $362.667 billion.

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Ether (ETH) and Binance Coin (BNB) fell to $1,277 and $266, respectively. Cardano (ADA), Solana (SOL), and Dogecoin (DOGE) dropped 3% over the past day to $0.448, $31.79, and $0.0585. Market capitalization decreased to $919.094 billion.

John Porter of Newton Investment Management believes that a further decline in the value of bitcoin is inevitable. On the eve of the Federal Reserve System went on a new tightening of the monetary rate.

Stock markets reacted negatively to the decision of the American regulator, and the exit of capital from the cryptosphere was expected. Some experts assume that in the current cycle, BTC will find a bottom at around $17,600.