Amid the present monetary disaster, bitcoin has but to show itself to be the “safe-haven” asset that many declare it to be. Actually, analysis by The Block reveals that bitcoin has been comparatively correlated to the fairness market.
The correlation between bitcoin and the S&P 500 index began out damaging firstly of the yr. Going into March, nonetheless, it entered into the constructive vary and reached a excessive of 0.32. The contract between the damaging correlation in Jan. and the constructive one in March. – each statistically vital – reveals an fascinating growth.
“The correlation can disappear simply as rapidly because it confirmed up,” mentioned The Block researcher Larry Cermak. “However there isn’t any indication of that as of but.”