Bitcoin Price and Stocks Do Not Correlate, Indicates Latest FRED Data

Cryptocurrency and stock price movements do not correlate with each other, indicated the latest Federal Reserve Economic Data (FRED).

The data pitted S&P 500 index performance against the cryptocurrency index managed by US-based Coinbase crypto exchange platform. The results were some interesting shaky lines – often going in the same but mostly in the opposite directions. FRED merely indicated how those two trended between a specified period – beginning in October 2018 and ending in April 2019. But the organization backing the database didn’t clarify anything further.

Rise in Correlation

The revelation followed a strong bearish phase in both the US stock and global cryptocurrency markets. In 2018, the S&P 500 posted more than 6 percent loss, while the crypto phase suffered a drastic 85-percent value depletion. For the Q4 2018, the S&P plunged 13.97-percent. At the same time, the cryptocurrency market capitalization, owing to negative sentiments around the Bitcoin Cash hard fork,…

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2019-04-10 15:14:43

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