The 90-day correlation between bitcoin and the S&P 500 has risen to its highest level since October 2020, reigniting the perennial debate of whether bitcoin is a haven asset or a risky investment. By godbole17
The perennial debate of whether bitcoin is a gold-like haven asset or a risky investment may heat up as the cryptocurrency's sensitivity to stock markets has increased amid concerns that the Federal Reserve's aggressive tightening plans may tip the U.S. economy into recession.
The correlation has strengthened alongside a relentless tightening of the U.S. Treasury yield curve, a sign the Fed may have a hard time avoiding much-feared stagflation with rapid-fire interest rate rises without destabilizing the economy. The yield curve, represented by the spread between the 10- and two-year yields, is now just 20 basis points short of inversion, a recession indicator.
"What I am interested in is the change in bitcoin and change in Nasdaq and what you find is the correlation is over 60%," Chandler said."The stock market [has been] going bid."
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
500+ Academics Call for End to Climate Research Funded by Fossil Fuel Industry'Our universities must be climate leaders, not climate laggards,' said climate scientist Peter Kalmus ClimateHuman
Read more »
Dow Jones, Nasdaq 100, S&P 500 Technical OutlookThe S&P 500 hit the 200-day moving average yesterday and came off a bit before closing near it. There is a high likelihood that we see more volatility around the widely-watched MA, creating choppy trading. Get your market update from PaulRobinsonFX here:
Read more »
DeSantis declares Emma Weyant NCAA women's 500-yard freestyle champion over Lia Thomas -Florida Governor Ron DeSantis has surged in popularity after not implementing any lockdown policies amid the coronavirus pandemic. He has continually hit back against critics who attempt to get him to play along with their COVID-19 theatrical antics, and mask mandates. Now, DeSantis is standing up for female collegiate athletes. Transgender collegiate swimmer Lia Thomas has been dominating the female...
Read more »
DOT to install 500 accessible pedestrian signals at intersections next yearThe New York City Department of Transportation says it hopes to make roughly 500 more intersections accessible to blind and low-vision pedestrians next year.
Read more »
DeSantis declares Florida native Emma Weyant NCAA champ in 500 free over Lia ThomasFlorida Gov. Ron DeSantis issued an official proclamation on Tuesday recognizing Emma Weyant, a Florida native and Virginia swimmer, the winner of the 500-yard freestyle at the NCAA Championships last week and not University of Pennsylvania transgender swimmer Lia Thomas.
Read more »