Bitcoin price undid Grayscale gains after the US Securities and Exchange Commission (SEC) has decided to postpone its spot Bitcoin Exchange-Traded Fun
In addition to the SEC’s involvement, Bitcoin’s correlation to the stock market has increased considerably, leaving it at the mercy of the Greenback and the macroeconomic drivers that move traditional markets. Bitcoin correlation to the US stock market gushes higher
After being consistently high in the first half of 2023, the correlation started to decline in April, hit a low point in June and then reached a lower low in August. However, correlation has climbed again with no pullbacks over the last month. Currently, the correlation with the Dow Jones Industrial Average has hit early 2021 levels of 0.92. With S&P 500 and Nasdaq 100, the correlation is at a lower level, around 0.69 and 0.53, respectively.
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