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Bitcoin Correlation With Macro Remains Strong, Despite Stability

Bitcoin Correlation With Macro Remains Strong, Despite Stability


NewsBTC
2022-10-19 23:00:18
Bitcoin Correlation With Macro Remains Strong, Despite Stability

The Bitcoin correlation with the macro markets reached new highs in 2022. This saw the price of the digital asset, and the entire crypto market by extension, follow the movement of the stock and equities market very closely. There were forecasts that the cryptocurrency would begin to decouple from the macro market as time went on but data shows that the correlation still remains very high even now. Following The Macro Market One of the most prominent ways that the macro market and the bitcoin correlation have shone through has been during important events like the CPI data releases. The last CPI data release came back with higher rates than expected and the crypto market had responded almost immediately. Looking at bitcoin alone, it would’ve been normal to deduce that the market was reacting independently, but it had, in fact, followed the movement of the macro market. Related Reading: What Is Aptos (APT) And Why Is Everyone Talking About It? Presently, the correlation between bitcoin and the macro market is sitting near multi-year highs, and so is the bitcoin correlation to the gold market. This has seen the cryptocurrency move in tandem with the broader financial markets despite the decentralized nature of the digital asset. BTC correlation to macro markets wax stronger | Source: Arcane Research Data shows that the correlation between the equities market and bitcoin had been steady at around 0.7 for the last month, maki...

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