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Macro Factors Drive Bitcoin S&P 500 Correlation to 23-Month Highs

Macro Factors Drive Bitcoin S&P 500 Correlation to 23-Month Highs

Bitget2024/09/10 21:31
BTC+2.13%

Bitcoin's correlation with the S&P 500 has risen to 0.67, a nearly two-year high, due to macroeconomic factors. Recently, Bitcoin price fell 10% due to weak US jobs data, before partially recovering to close down 3% on a weekly basis. The upcoming U.S. CPI data, as well as the Federal Open Market Committee meeting on 18 September, are expected to further influence the crypto market

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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