The Bitcoin price has lost since Monday about 15 percent, even though the largest part of the decline took place yesterday. Interestingly, the US broke-shares market a few hours before the fall of Bitcoin as well. Is there a connection?
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S&P 500 showing the biggest monthly setback
24. In September, shortly before the surprising, but the expected sharp decline of BTC, saw the US stock market the biggest daily decline since may 23. August.
Yesterday, the S&P 500 Index, which tracks 500 large publicly traded American companies fell, the end of the session by 0.84 percent. This is the largest decline in over a month.
Could the stock market impact on the Bitcoin investors? After the recent massive decline on the 23. August, as the S&P 500 over 2.5 percent, there should be no correlation, since Bitcoin showed on this day of little volatility.
After a disappointing report on consumer confidence, the fears of negative consequences of the US-American and Chinese trade conflict was highlighted, reported the stock market is a strong downward movement.
Nancy Pelosi, a Democrat, cited News that Trump could have been looking for foreign support for the defamation of political rivals Joe Biden. In particular, Trump could have been the Ukrainian President, Volodymyr Zelenskiy put under pressure to investigate Biden.
The above-mentioned timer of the stock market crash are also expected to have a fall in the price of Bitcoin is not caused. On the contrary, each political tension, a bull is for the crypto currency Signal, because BTC is always perceived as a Safe-Haven Asset.
We have already explained in previous post, that Bitcoin had moved in a descending triangle, which is a decline in the indicator for technical analysis.
Connection between Bitcoin and S&P 500?
In the past month, Pantera Capital came to the conclusion that there is almost no correlation between Bitcoin and traditional investments. According to CEO Dan Morehead BTC, and Blockchain – companies have their own development, which runs independently of other asset classes. According to a table with three years of weekly returns, the correlation between Bitcoin and S&P 500 0,00 fraud.
Source: Media @Pantera Capital
Text evidence: bitcoinis, anatol antonivici