Bitcoin correlation with Nasdaq Composite and S&P 500 at the lowest stand in two years

Bitcoin correlation with Nasdaq Composite and S&P 500 at the lowest stand in two years
The correlation between the Bitcoin and the two US stock indices Nasdaq Composite and S&P 500 has dropped to the lowest level in around two years, as can be seen from data from the crypto analysis company Block Scholes. This indicates that the Bitcoin has ever less correlation to traditional risk systems.
The sliding 90-day correlation between changes in the BitcoIN course and the Nasdaq Composite and the S&P 500 has almost dropped to zero, as Block Scholes explains. This is the lowest level in about two years.
A analyst from Block Scholes explains that this decline in correlation is due to the fact that both Bitcoin and the US stock markets have made up for the losses they suffered last year. However, the expert warns that crypto-dealers, which focus exclusively on the traditional market mood and macroeconomic developments, could now be disappointed, since the fate of Bitcoin is no longer tied to the mood on the US stock markets.
The optimism is growing again on the cryptom market after more and more companies, including Blackrock, Fidelity, Wisdom Tree, Van Eck and Investco, Bitcoin ETFs. The increased interest in stock market -traded products has led to a more positive atmosphere in the crypto industry. In June, BTC-ETPS recorded tributaries of 13,822 BTC, especially after the announcement of Blackrock on June 15. The inflows were strong in all jurisdictions, including Canadian and European Spot ETPs and US futures ETFs.
It remains to be seen how long the optimism will last at the cryptoma market. However, the lower correlation between the Bitcoin and the US stock markets indicates that the Bitcoin is increasingly acting more independently from the traditional financial markets.
source:
Block Scholes, Coindesk