Evaluating the Bitcoin-S&P500 correlation and its impact on BTC prices
FUDs, fear, and FOMO still seem to have a love-hate relationship with the top coin. Yet, again Bitcoin was the victim of a market FUD that pulled the asset’s price down by almost 8% in less than six hours on 10 November.
While it looked like Evergrande didn’t default as initially reported, the rumors were enough to affect financial markets (S&P 500). Especially, Bitcoin negatively. Almost two months ago when the Evergrande crisis had sent tremors across the financial system, Bitcoin had fallen by around 12.7% in tandem as traders polarized. In fact, increased exchange inflow had sent BTC’s price to as low as $39.6 on 21 September.
Recently, BTC tested a record high of $69K. So, the question remains- what do these FUDs mean for BTC and where
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